Vernon’s economy continues to expand.
Statistics show the City of Vernon issued $110 million in building permits in 2015 and for the first three months of 2016, there have been $32.2 million in permits, up from $17.4 million last year.
“Vernon is on a good upward swing,” Kevin Poole, economic development manager, told council Monday.
Most of the permits are residential and at about $40 million, 2015 was the second best year ever for commercial permits.
Among the largest permits so far this year are an $850,000 expansion to Okanagan Spring, $1.1 million for an Armstrong Co-op gas bar on 27th Street and $12 million for the BX Crossing residential/commercial development on 48th Avenue.
An $18 million permit has also been issued for a Regency Retirement project on Rimer Road.
“This is 150 units that will change the north end,” said Poole.
On the real estate front, sales volume for the first quarter of 2016 is up 58 per cent to $155 million from $98 million in 2015.
The average price for a single-family dwelling has climbed from $350,000 to $401,000.
Poole says the interest in North Okanagan real estate is partially driven by economic conditions on the Prairies.
“People are cashing out of the market and looking at ours.”
However, Poole admits that growing demand for real estate is making it difficult for local residents to purchase a home.
“The economy is doing quite well and that creates challenges on the social front.”
