At $28-Million, Fredericton Residential Permit Values Have Substantially Increased
FREDERICTON – According to March 2021’s Building Inspection Report, the total value of residential permits in Fredericton has more than tripled compared to the first three months of 2020.
In 2020, the total residential permit value, which encompasses the value of construction for permits acquired, the year to date for the first quarter was $9.2-million. The year-to-date value for the first three months of 2021 is $28.3-million.
This increased value demonstrates the strength of the housing market and the growth of the population continuing through the pandemic.
“It’s just unbelievable. We’re really growing,” said Councilor Bruce Grandy, who is Chair of the city’s Economic Vitality Committee. “We have a lot of a lot of activity on the go, we’ve got a lot of new people coming into the city, we’re going at approximately 2000 people a year population growth.”
Grandy adds that the growth comes from immigration and from people moving across the country due to the pandemic.
“People coming from rural New Brunswick moving into cities, as well as immigration and people from Ontario and Quebec coming to New Brunswick, because of Covid,” he said. “[They’re] figuring out that they can work from home, in a number of companies so they want to come to a place where Covid is under control and where they’re not huddled into a big community like Toronto and Montreal.”
While there was substantial growth between 2020 and 2021, the 2019 figures demonstrate an even bigger difference. In March 2019, the total residential permit value was $2.1-million, compared to March 2021’s $18.2-million. Both these figures reflect solely the month of March and not the first quarter of each year.
The number of new residential units constructed increased from 52 in March 2020 to 122 in March 2021. In March of 2019, there were 4 new dwelling units constructed.
Liam Floyd is a reporter for Huddle. Send him story suggestions: [email protected].