乌鸦传媒 has far exceeded housing-construction targets the province set for the city.
In June of last year, the provincial government said 乌鸦传媒 must build 8,774 new units in five years. The Year 1 and 2 targets were 1,363 and 2,856.
乌鸦传媒 passed the Year 2 target after just one year.
The city added a net increase of 3,467 units in one year, a report to council on Monday said. The report will be forwarded to the province.
鈥淭his number represents the total number of new homes added to the market after accounting for any lost through demolition or decommission,鈥 the report explained.
Keeping up that pace may be difficult, however. A decline in building permits this year could mean fewer units coming online in the future, council heard.
But planning director Ryan Smith told council he isn鈥檛 worried.
鈥淥ver a five-year horizon, we鈥檙e confident that we鈥檒l meet the provincially mandated housing targets,鈥 Smith told council.
In another report, council heard building permit values this year are ahead of a slow 2024 pace, but below the 10-year average. Total number of permits is similar to last year and also below the 10-year average.
Other statistics also point to a development slowdown.
鈥淭he five-year average number of development permit applications is 263. The 2024 volume was only slightly below this number at 239. The volume to date in 2025 projected out to the end of the year indicates a further drop 鈥 to approximately 220 applications,鈥 the report to council said.
鈥淪trong building permit numbers from 2022 and 2023 led to strong new home occupancy numbers in 2024. However, the city issued building permits for only 1,603 units in 2024. This is likely an early indicator that occupancies in 2026 and 2027 will be down,鈥 the report said.
Smith told council a number of projects are being completed now.
鈥淐onstruction of several large development projects is nearing completion with occupancy of more than a thousand new rental and hundreds of new market condo homes later this year. We鈥檙e already starting to see that with Water Street by the Park, Aqua and other projects occupying 鈥 It seems like a new rental project is opening its doors a couple times a month right now, which is pushing our vacancy rate in 乌鸦传媒 up.鈥
The higher rate will be a temporary phenomenon, he noted.
The report said city staff will take action 鈥 if needed 鈥 to ensure the provincial housing targets are met.
Council also approved a draft plan for development in key transit corridors (downtown, Pandosy, Capri-Landmark). The long-term plan aims to boost housing, transportation and infrastructure.