Building permit values declined by 8.4 million in 2017 compared to 2016. Residential building permits accounted for 79% of the total building permit values, commercial permits accounted for 12%, followed by Public at 5.1%, Industrial at 3.1% and miscellaneous at 0.39%.
In 2017, 991 housing units were built, 425 were single family dwellings and 566 were multi-family dwellings. Overall in 2017 there was a 13% increase in housing starts compared to 2016. CMHC’s future housing forecasts provide a low to high range for new housing construction. The low range forecast for Nanaimo is 770 new units for 2018, 670 units for 2019. Historically, Nanaimo has finished closer to the higher range forecast. Throughout BC Housing starts and sales are expected to slow in 2018 and 2019 but remain above historical levels. Existing home prices will continue to grow but at a pace more in line with inflation as housing markets slowly move towards more balanced conditions.