North Bay has seen more than double the amount of construction in the first two months of 2021 than last year.
According to statistics from the city, the total amount of committed construction as of February 28 is more than $5 million. The same time last year saw just $1.98 million spent. Nearly half of this year’s construction is seen in the residential sector.
The numbers are based on building permits issued by city hall.
“There’s no question that our real estate market is on fire and demand for housing has never been hotter,” noted Mayor Al McDonald.
The residential sector has seen a 73 percent increase in committed construction, with more than $2.2 million spent on the sector compared to $621,000 last year. That makes up 13 dwellings for which the city has issued a building permit, including seven for townhouse or apartment buildings.
“I think we have a lot of good things going for us. There’s a lot of demand here and it’s really showing up in our numbers,” McDonald said.
With new homes being built paired with a growing housing market, McDonald says it’s a good time to be a homeowner in North Bay.
“If you own a house, this is a great market to be in. If you’re looking to buy a house, there’s no question that housing prices have gone up,” he said.
Institutional and commercial construction are both up from last year where there had been no money committed at this time. $471,000 and $88,000 are being spent in those sectors, respectively.
