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BCREA ECONOMICS NOW

Canadian Building Permits – October 7, 2013

Canadian building permits fell 21.2 per cent in August to $6.3 billion, reversing July’s 20 per cent gain.  Lower building permits were the result of a decline in construction intentions in both the residential and non-residential sectors.

BC was one of only two provinces to register an increase in building permits in August. The total value of building permits issued in the province rose 2.9 per cent from July as residential building permits rose 12.8 per cent while non-residential permits declined 13  per cent. Year-over-year, construction intentions in August were about 1 per cent lower than in 2012. On the residential side, the total number of units permitted increased from 2,352 units in July to a 2,666 in August. A decline in permits for single-family units was offset by a substantial jump in permits for apartment units from 1,092 to 1,478.

Building permit activity across BC’s four major census metropolitan areas (CMA) was mostly positive in August. In the Vancouver CMA, permits rose 13.6 per cent on a monthly basis but were 2.6 per cent lower year-over-year. Construction intentions in the Victoria CMA broke a two month trend of double digit increases, declining 26.2 per cent on a monthly basis but were 10 per cent higher year over year. in the Kelowna CMA, permits posted another large increase, rising 79.9 per cent from June and  doubled permit values recorded in August 2012. Finally, in the Abbotsford-Mission CMA, building permits increased 2.1 per cent month-over-month and 11 per cent year-over-year.

Copyright British Columbia Real Estate Association. Reprinted with permission. 

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