Both Cranbrook and Kimberley are under the average property tax gap of 2.60 between residential and business for B.C communities: Cranbrook’s property tax gap is 2.57 and Kimberley’s is 2.54.
- From 2010 to 2015, Kimberley lowered its Municipal Property Tax Gap by 6.6% (Total Average Property Tax for Kimberley is $7,178). From 2010 to 2015, Cranbrook lowered its Municipal Property Tax Gap by 15.5% (Total Average Property Tax for Cranbrook is $6,743.)
Exponential growth points to exciting future for Cranbrook
The City of Cranbrook is pleased to report that the value of building permits issued in 2018 totalled $44.2 million, which is a $10-million or 29% increase over 2017. Last year’s total construction values trace a remarkable four-year trend.
The total value of building permits issued from 2015 to 2018 translates to a growth rate of 159% in four years. The City of Cranbrook is particularly encouraged by this exponential and consistent growth pattern, which indicates a strong and sustainable economic future.
“These are exciting times in Cranbrook,” said David Kim, CAO, City of Cranbrook. “We’re confident 2019 will be another record year and that the City will continue to grow and attract investment.”
Some of the most noteworthy construction projects that have recently been completed or are currently underway include:
- Kootenay Street Village
- Legacy Lookout at Wildstone Golf Course
- Elizabeth Lake Ridge
- Key City Theatre Building Upgrade
- River’s Crossing at Shadow Mountain Golf Course
- Idlewild Lake Rehabilitation Project
- Cobham Avenue Capital Roads Project
- 9th Street South and 12th Avenue South Repavement
In late-2018, the City of Cranbrook acquired a 100-acre parcel of serviced industrial land from Tembec. This $3-million acquisition contributed significantly to the industrial sector’s $5.8-million increase in 2018 over 2017.
Cranbrook also saw strong growth in the commercial classification last year, but it was residential (including multi-family) that drove more than half of the total construction values for 2018.
“Developers are responding in earnest to Cranbrook’s present and future housing needs,” said Mayor Lee Pratt. “The stats show that and the City is happy to support them. We’ve taken action over the last four years to reduce red tape and do whatever we can to put our customers, the citizens and businesses, first.”
For more information, please see the Cranbrook Community Investment Profile and/or CKDI Community Investment Profile.
