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Canadian building permits increased 7.4 per cent in October to 7.2 billion, the second consecutive monthly increase. The rise in building permits was led by stronger permitting activity in the Ontario residential and non-residential sectors.

Construction intentions in BC were close to 1 per cent higher in October, following a decline of 6 per cent in September. The value of building permits, however, was down 2.5 per cent compared to October 2012. Residential permits were up 6 per cent from September and 14.5 per cent higher year-over year while non-residential permits fell 7 per cent on a monthly basis and 23 per cent year-over-year.

Building permit activity across BC’s four major census metropolitan areas (CMA) was mixed in October. In the Abbotsford-Mission CMA, permits fell sharply from strong permit activity in September, declining 55 per cent on a monthly basis. However, permits were 10.7 per cent higher year-over-year.  Construction intentions in the Victoria CMA declined for the third consecutive month, falling 24 per cent from September and 25 per cent year-over-year. In the Kelowna CMA, permits rebounded in October, rising 57 per from September and 19 per cent year-over-year.  Finally, in the Vancouver CMA  building permits rose 6.1 per cent month-over-month and 19 per cent year-over-year.

 

Copyright British Columbia Real Estate  Association. Reprinted with permission.

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