White hot housing market continues to push construction values in Fort St. John

Construction values in Fort St. John saw a year-over-year drop for the second straight month in May, but new home construction continues to drive overall values well ahead of last year’s pace.

According to the city’s building inspection report for May, the city issued 23 permits for residential and commercial construction, with values for the month topping out at $6.78 million.

That’s down from the 36 permits worth $8.68 million issued for the same month last year.

According to city figures, six single and multi-family permits were issued in May valued at a combined $4.39 million.
Just three permits were issued for commercial construction, valued at $2.25 million. A final 14 permits were issued for garages and renovations, valued about $140,000.

In April, the city issued 19 permits with a construction value of $11.9 million. That was down from the year prior, when 30 permits valued at $18.7 million were issued.

Home construction, institutional values going up

Still, city construction values have cracked the $57.5-million mark at the end of May 2015, up from just $43.6 million in 2014.

That’s due to a housing construction market that remains white hot heading into the summer.

A total of 18 multi-family permits for 72 homes have been issued this year for a value of $18.9 million. That’s up from just five permits issued and valued at $470,000 at this time last year.

The city has issued 36 single-family permits for a value of $17.1 million, up from 35 permits valued at $11.4 million at this time last year.

And though the city has issued just a single permit for institutional construction this year, its value of $1.9 million far surpasses the three permits valued at a combined $850,000 last year.

Commercial, duplex construction down

According to the report, commercial construction values have gone down.

Year to date, the city has issued 20 permits for construction worth $13.39 million, down from the 22 permits valued at $18.3 million last year.

Duplex construction is also down year over year, with eight permits for 16 homes issued at $5.6 million, compared to 19 permits for 38 homes at $11.08 million in 2014.

The city has yet to issue any permits for mobile home or industrial construction this year.