Things continue to look up for development in Sylvan Lake, with 2022 closing as another strong year for building permits.
The Town of Sylvan Lake issued a total of $41.6 million in permits in 2022, with November bringing in the highest amount with $13.3 million in permits.
November’s success was primarily due to a new apartment building on Broadway Rise valued at over $9 million.
“It’s great to see the new development,” said Kim Devlin, the director of planning and development for the Town.
Despite 2022 bringing in roughly $12.6 million more than 2021, the number of permits issued was relatively similar.
In 2022, there was a total of 272 permits issued; 2021 saw 287 permits issued.
However, some highlights make last year stand out.
“We had higher housing starts in 2022 than we did in 2021. And, an apartment is always really great to see for the community because we’re definitely in need of more rental housing and affordable housing here. So seeing that kind of growth just means we’re still a desirable community in central Alberta, and there’s lots happening here,” Devlin added.
Industrial development activity was also up in 2022, according to Devlin.
“We had over a million dollars in activity, which in 2021, we had no industrial activity. So that was great to see. I know the Town is really looking to expand our industrial development and make sure our non-residential tax base is continuing to grow to support that residential piece.”
Looking ahead into 2023, Sylvan Lake is already off to a promising start, with the Town receiving 11 building permits so far this month.
“We are already up from where we were this time last year in terms of numbers, so we’re hoping that trend will continue.”