Building Permit Values Up, Single Family Housing Starts Down

Monday, April 14, 2008 03:57 AM

Prince George, B.C. - The stats for building permits issued by Prince George City Hall in the month of March show that while the value of the overall permits has climbed over the same period last year, there has been a significant drop in the number of permits for single family homes.

Last year in March, there had been 25 permits issued for single family dwelling construction. Last month only 7 such permits had been issued. While 44 SFD permits had been issued in the first quarter of 2007, only 19 have been issued in the first quarter of 2008.

Here are details on some of the major projects:

103-5935 O’Grady Road, Fat Burger Restaurant $375,000.
1011 4th Avenue, Renovation of Ministry of Environment and Transportation Offices, $508,000.
7 New Single Family Dwellings, $1,812,991.
Industrial Development Permit, 1088 Great Street, Office Renovations
Commercial Development Permit, 6732-6720 Hart Highway,
3444 Austin Road. East, Commercial Development, A&B Hardware,

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Posted on Monday, April 14, 2008 03:57 AM in News by 250 News

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Comments

Posted by: owl on April 14 2008 8:04 AM

Over 10 million of the 19 million total permits is institutional. That is about 9 times as much as last year at this time. I imagine that is the senior's building in the Gateway.

April and May will be the real indicators for housing changes to see how low it might go.

SF Housing construction costs still in the $200,000 range. Add $100,000 or so for a lot and another cost and profit at the sales stage and we are in the $350,000+ range.

Good luck if they are spec buildings!!!!

Posted by: lmorg on April 14 2008 10:13 AM

for that much money they should all be custom homes!

Posted by: NMG on April 14 2008 10:23 AM

Just a thought, but would it not be in the interest of the City to develop building lots and subdivisions on their own? What if they did it on a pure cost recovery basis? Would this result in lower lot prices on average and thus lower new housing prices, or, would builders simply increase the price of the home?

You'd have to have a system where the builder could still get their profit out of a new home, but I wonder if it would help to address some of the lot prices in PG now, which are simply ridiculous.

I have no idea if this is done elsewhere or if it's even feasible. Just a discussion item.