Building permit values are continuing a rapid increase in the District of Lake Country.
In 2016, permit values含羞草研究社攖he total estimated value of construction in the community含羞草研究社攔eached a record of more than $90 million compared to 2003 when permits were just over $10 million.
含羞草研究社淎 lot of it comes from Lake Country含羞草研究社檚 position in the valley,含羞草研究社� said Lake Country含羞草研究社檚 community development manager Jamie McEwan. 含羞草研究社淲e含羞草研究社檙e located right between Kelowna and Vernon, two really desirable communities. We含羞草研究社檙e gaining recognition as people move to the Interior,含羞草研究社� he added, saying there has been increased attraction to real estate in the area from residents of Alberta and the Lower Mainland, but a majority of people purchasing homes are from the Interior.
The building permit prices are based on the estimated cost of construction. With commercial development tending to be more expensive than residential, a recent increase in commercial buildings being constructed has also increased the cost of building permit values.
In Lake Country, the main increase in permits can be seen with commercial permits, from two in 2015 to eight in 2016. Single-family dwellings have increased from 113 to 148 permits during the same time and secondary-suite permits are also up, from 30 to 50.
含羞草研究社淟ake Country含羞草研究社檚 development has been primarily residential and in single-family residential,含羞草研究社� said McEwan. 含羞草研究社淭here has also been an uptake in strata and in townhomes.含羞草研究社�
Over past two years, the increase in commercial development is partly due to the development of Main Street as the commercial core, said McEwan. Population increases also cause retailers to move to the area, he said.
According to Stats Canada, between 2006 and 2011 Lake Country grew by approximately 22 per cent while between 2011 and 2016 the district grew by approximately 10 per cent which makes Lake Country one of the fastest growing communities in the province.
含羞草研究社淲e含羞草研究社檙e seeing a lot of home-grown Lake Country businesses transitioning into commercial development as it grows,含羞草研究社� said McEwan.
Lake Country含羞草研究社檚 busiest construction year in 20 years was in 2016, said director of community services, Mark Koch.
