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Condo Development Skyrockets

2005 could be called the "Year Of The Condo" in Kelowna.

72% of all residential building permits issued in 2005 were for multi-family dwellings, including condos and townhouses and apartment complexes.

This is the highest percentage of multi-family units ever recorded in the city, far outpacing the previous high of 55% in 2004.

The figures are part of the 2005 Development Statistics Report which city council will review today.

Part of the reason for the large increase in multiple unit permits could be the large increase in Development Cost Charges, the fees paid by developers for infrastructure such as roads, sidewalks and sewers.

1,094 units were issued permits in November and December of 2005, representing 36% of the years activity---that is compared to 11% of the years value in November and December of the previous year.

DCC fees increased January 1st, 2006.

A majority of the multiple housing permits were issued in the Glenmore/Dilworth area (664 units, 30%), South Pandosy/KLO area (629 units, 29%), Rutland (375 units, 17%) and Central City (291 units, 13%).

In all, 3,055 new unit residential permits were issued in 2005. The five year average from 2000-2004 was 1,200 annually.

In the city's Official Community Plan, the long term goal is for a gradual increase in development toward a 53% multiple unit, 47% single unit split by 2020.

Building permits for commercial development totaled 416,621 square feet. Business development was focused primarily in the City Centre area (68%) and Glenmore/Dilworth area (16%).

Industrial development permits totaled 487,201 square feet. Industrial construction permits were issued primarily in the Highway 97 sector (82%).

Posted: February 06 / 5:00 am Story# 16006 / Wayne Moore