$97.2 million worth of building permits were issued through November, near half to residential construction
The City of North Bay is pleased to announce an increase in new housing development compared to the figures for the past two years.
According to the latest building permit data, 163 total new dwelling units had been approved for construction through November, including 30 single-family dwellings, 18 additional dwelling units, four semi-detached units, and 111 multi-residential units.
This represents an increase of more than 20 new units over 2022’s total of 138 and 2021’s total of 139.
With approximately $97.2 million worth of building permits issued as of the end of November, nearly half of that amount — $48.3 million — is attributed to residential construction. This marks the largest amount for this sector on record outside the COVID-19 building boom of 2021 and 2022. Construction activity in other sectors includes $9.8 million for institutional construction, $16.3 million within the commercial sector, and $20.8 million in the industrial sector.
SEE: North Bay eyes Ontario’s housing target — 1000 new units by 2031
“We are actively working towards creating an environment where residents have diverse and affordable housing options,” says Mayor Peter Chirico via a news release. “The housing approvals that we’ve issued so far this year put us on track to meet our 10-year housing target of 1,000 new units set by the province, which would unlock $800,000 in funding from Ontario’s Building Faster Fund. We are also seeking support from the federal government for initiatives to expand our local housing supply.”
In a move to maximize efforts, the city has applied for $18 million from the federal government through CMHC’s Housing Accelerator Fund.
SEE: City’s ‘Housing Action Plan’ opens door to federal funding
The Housing Accelerator Fund aims to encourage local initiatives that increase housing supply and promote the development of complete, low-carbon, and climate-resilient communities.
“If approved, these funds would support the city in fully implementing its Housing Action Plan and Strategy, furthering our efforts to enhance housing options for our residents,” says Chirico.
Key strategic steps include streamlining the building permit and planning application process, making it more accessible and appealing for residential property owners to create additional dwelling units on their properties, and expanding the Growth Community Improvement Plan.
“It’s been another strong year for construction within the city and we anticipate reaching a total construction value of more than $100 million for a third consecutive year, largely driven by new housing,” says Chirico. “We look forward to building on this success in 2024 and to further expanding the local housing supply.”
— BayToday
This article was published by: BayToday Staff
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