Record year for construction in Richmond, 17% above previous high in 2006

[golog]

Record year for construction in Richmond

The Lower Mainland suburb has processed 1,511 building permits worth $769 million in 2010 – far exceeding the $163 million in permits it processed in 2009.

This year’s figures top Richmond’s previous record of $658 million in permits in 2006.

Large projects contributing to Richmond’s construction boom this year include the development of a new 350,000 square-foot IKEA store and Onni Development’s project at Elmbridge and Hollybridge, which includes 234 market condos, 70 live/work dwellings, 20 affordable market rental units and 67,000 square feet of ground floor retail.

A number of projects in Richmond were pushed forward this year to take advantage of low development cost charges (DCC) before those charges rose in early fall.

How big of a role do you think the Canada Line, or even the Olympic Oval, played in this boom? Perhaps one should look at exogenous factors and either foreign demand or domestic demand by those who culturally trust investing in RE over other forms?

[bils]

i seem to be noticing larger multi-rise projects coming on board in richmond recently which i suppose could contribute to a temporary bump?

river green (huge), ora (3 towers), emerald (3 towers), quintet (5 towers), etc...