This 71-unit apartment building currently under construction on Fifth Street between Henry Avenue and Malaview Avenue is among the residential units permitted in 2021. According to figures from the Town of Sidney, staff have issued 166 permits for 77 housing units this year through October, for a total of about $24.2 million, significantly down from the peak in 2020. (Wolf Depner/News Staff)

This 71-unit apartment building currently under construction on Fifth Street between Henry Avenue and Malaview Avenue is among the residential units permitted in 2021. According to figures from the Town of Sidney, staff have issued 166 permits for 77 housing units this year through October, for a total of about $24.2 million, significantly down from the peak in 2020. (Wolf Depner/News Staff)

New construction in Sidney starts to bottom out after peaking in 2020

Year-to-date permits worth $24.2 million through October; 2020 total $74.5 million in 10 months

New figures show a large drop in the number and value of building permits in Sidney.

According to figures from the Town of Sidney, staff have issued 166 permits for 77 housing units this year through October, for a total of about $24.2 million.

By comparison, in the same period last year 164 permits for 215 units were issued, totaling a shade above $72 million. The final total for 2020 was $74.5 million. According to the Town of Sidney’s draft annual report for 2020, that figure is nearly triple the 20-year annual average of just under $27.2 million.

The figures point toward a current pace of residential development in line with levels in 2018 after having reached a peak in 2020, a town news release stated.

RELATED: Value of 2020 residential construction in Sidney close to $75 million

Figures for 2021 (with figures for November and December still to come) include multi-family residential units as well as duplexes and single-family homes. They also takes into account residential units removed as a result of demolition, the release reads.

Looking more broadly, Statistics Canada figures show the value of building permits in the Victoria Census Metropolitan Area for September 2021 ($111.1 million) was 18 per cent higher than the same month last year ($94.1 million).


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wolfgang.depner@peninsulanewsreview.com

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