Six new single-detached homes will soon be added to the growing Laurentian Heights subdivision on Airport Hill after North Bay City Council gave its final approval for the second phase of the development.
During its last regular meeting, Council approved the subdivision request from Miller and Urso Surveying Inc., on behalf of Laurentian Heights Ltd. The plan for this subdivision received initial draft approval in 1997 and the lots have been completely serviced since 2015. Kenreta Drive extends off Lakeview Drive and is located in the escarpment directly overlooking the Widdifield and Ski Club Road areas.
The final approval was unanimous. Mayor Al McDonald declared a conflict, advising he owns property in the development area.
Several members of Council took the opportunity to speak to the demand for local real estate, due, at least in part, to an out-migration from larger urban centres.
Coun. Chris Mayne indicated he had heard "for the first time in a number of years," optimism from local developers. "We're going to see some real growth this year, which is terrific. This is the first sign of it."
Coun. Marcus Tignanelli relayed, in his discussions with developers one year ago, approval for this phase was not expected to come forward for several years but the pandemic had changed buying habits and purchasing power.
"People are moving out of the large urban centres and moving to our region. Our Move Up campaign is working and, over the course of one year, these developers have done a 180." he said. "More subdivisions will be coming forward and it's a great sign of the economy."
The local real estate market has boomed since the onset of the COVID-19 pandemic, with record sales months reported by the Canadian Real Estate Association over the past year. The selling price of single-family dwellings increased by over a quarter from one year prior in each of the first month of this year and December 2020; and, local home unit sales rose by over 10 per cent from 2019 to 2020, according to the CREA.
"The Laurentian Heights subdivision will have a total of 84 developed lots and I don't see them as lots," noted Coun. Johanne Brousseau, but rather "a neighbourhood where friendships will be created and dwellings transformed into homes."
Additionally, the North Bay Real Estate Board has shared the local inventory of homes for sale has depleted to levels not seen in decades.
"The demand is high," and even extends into 2022, declared Coun. Dave Mendicino. "The developer wanted to get these lots on the market as quick as possible — kudos to staff for facilitating. Overall we're hearing from developers this is going to be an extremely busy year from a residential development standpoint."
Coun. Bill Vrebosch summed up the discussion, sharing a local contractor told him he "can't build them fast enough," to keep up with the demand.
