BCREA ECONOMICS NOW
Canadian Building Permits – January 10, 2017
The total value of Canadian building permits decreased 0.1 per cent from October to November, largely as a result of lower permit activity in Alberta. Residential construction intentions were down 1.6 per cent across Canada, while non-residential permits rose 3 per cent.
In BC, the total value of permits rose close to 15 per cent on a monthly basis and 9.5 per cent year-over-year. Residential permits reached their highest level in close to a year with more than $1 billion in total permit values, an increase of 21 per cent from October and 21 per cent year-over-year. Non-residential permits, however, fell 5 per cent on a monthly basis and 20.6 per cent year-over-year.
Construction intentions were mixed across BC’s four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA fell by nearly half from October to November and were down 35 per cent year-over-year while the Vancouver CMA saw a 31 per cent increase on a monthly basis and an 11 per cent increase year-over-year. In the Kelowna CMA, permits rose 3 per cent on a monthly basis and 17 per cent year-over-year. In Victoria, construction intentions dipped 13.4 per cent on a monthly basis, and were about 7 per cent lower than in November 2015.