Riverview Reports Residential Permit Value Jump for 2021
RIVERVIEW, N.B.–Booming apartment construction in Riverview has fueled a spike in building permit values for Moncton’s neighbour across the Petitcodiac River.
Riverview reported $55.8-million in building permit values for 2021, a jump from $32-million in 2020.
“A big portion of our success in 2021 was multi-unit residential, so large-scale apartment buildings,” said Town CAO Colin Smith.
“It’s positive, because it brings in a new mix of potential options within our community, so it’s helping residents who have lived here for years and want to downsize and stay in the community, and it’s inviting and bringing in more people to live, and be engaged, in our community.”
December 2021’s year-to-date value for multi-residential permits was just over $38.5-million, also an uptick from December 20202’s $21.9-million.
The development of apartments alone outstripped the value of the entirety of 2020’s building permit values.
Smith said residential permit growth was driven by several major apartment building developments in the town that include The Tides on Coverdale Road, Dobson Landing, and Runneymeade Estates.
“We know two or three more apartment complexes are under consideration at this time, and it seems to be a few more on the planning horizon for the next year, as well,” Smith said.
While 2021 was a leap from the previous year, things on the development side were already picking up in 2020.
“Even when it was $32 million (in 2020), $21 million of that was multi-unit, so it’s a trend,” said Smith.
“I think the bounce-back started in 2020 from a development point of view. In 2020, the development community really started to take off and it carried forward to 2021. We’re hoping, and seeing signs that it’s going to continue into 2022 as well, with a mix of substantial residential and commercial projects hopefully coming in the spring and summer months.”
For single-family residential permits, December alone saw one permit worth $35,000 and a year-to-date value of just over $13.6-million. That’s up dramatically from the $5.8-million year-to-date permit value in December 2020.
Smith said Riverview is becoming popular for its smaller, closer-knit feel, ample recreation opportunities, and proximity to Moncton.
“The saying always tends to be, ‘I can relax when I get across the bridge and I’m home.’ That’s what’s making a lot of these properties appealing,’” he says.
“It’s a mix of reasonably affordable apartment buildings and more high-end ones that have underground parking and all those components so it’s brought in a mix of housing options to the community that are very much beneficial to its growth.”
While residential permits boomed, December 2021 saw $925,297 in year-to-date commercial permits, up from $138,577 worth in December 2020.
Riverview saw a single $1.3-million industrial permit issued in 2021 for the construction of an autobody building on Pine Glen Road.
The town had 20 active subdivision applications – involving the creation of lots on existing streets and the creation of new public streets in services – in December 2021, while December 2020 saw 10 active applications in the town.
Sam Macdonald is a Huddle reporter in Moncton. Send him your feedback and story ideas: [email protected].