Building activity in West Grey declined in 2023.
Council received an update on building activity during a meeting on Feb. 20, which shows 57 new residential units were built in the municipality. It’s a decrease of 61 per cent compared to 2022.
Additionally, year-end numbers show the amount of building permits issued were down by 42 per cent last year. Permit fees were down by 52 per cent.
West Grey Director of Infrastructure and Development Karl Schipprack says: “in general, our building activities are down for 2023, compared to definitely during our Covid years, 2021, 2022. But even slightly lower than our pre-Covid year of 2019, 2020.”
He says this is a result of the current cost of living and the cost of borrowing, but believes the situation will turn around.
“When interest rates go down, we will be right back in the same position we have been for the last 20 years,” says Schipprack. “We are receiving a lot of inquiries for development, from developers that are looking to have developments ready to be able to move forward when those industries do turn around.”
