P.E.I. apartment building permit values triple

P.E.I.'s construction industry can expect to continue to be busy in the coming months as the value of building permits issued in the province is still climbing dramatically.

Statistics Canada issued its building permits report on Tuesday.

At $327 million, the total value of permits issued to the end of August was up 33 per cent over the same period in 2018. 2018's building permit values grew 28 per cent over 2017.

The biggest areas of growth were for apartment buildings and the industrial sector.

Multiple-unit building permit values have tripled, to $97.6 million. Industrial almost doubled to $65.5 million.

Overall, permits in non-residential development are relatively flat, with significant drops in commercial and institutional permits.

Charlottetown planning department 'swamped'

For the chair of Charlottetown's planning committee, the growth is good news.

"I think it's fantastic for P.E.I. I think it's great for Charlottetown. The need is certainly there, and the economy's strong and people are taking advantage of it, so I think it's a great thing," said Coun. Greg Rivard.

Rivard said the planning department has been "swamped" dealing with all the building permit applications. Hesaid the value for Charlottetown's building permits issued so far this year is about $110 million.

He said it's hard to guess how much of an effect the new builds might have on the city's low vacancy rate.

"If the population growth continues to, I'll say grow at the rate it's growing now, then we're going to have to keep building as fast as we can," Rivard said.

"If we see the population growth slow down a little bit, I think you'll see the numbers of units that we're building have a much stronger impact. But if the population growth continues the way it is, then like I said, right now it feels like we're just treading water."

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