Thursday, August 7, 2014

BCREA ECONOMICS NOW Canadian Building Permits - August 7, 2014

Growth in Canadian building permits remained strong in June, rising 13.5 per cent from May.  The increase was primarily the result of an uptick in permit activity in Quebec and Alberta. 

New building permits in BC posted a modest decline, falling 6.2 per cent from May and 6.4 per cent year-over-year. The dollar value of residential permits fell 14.5 per cent on a monthly basis and 9.5 per cent year-over year. On a unit basis, permits fell 16 per cent compared to May, largely due to a decline in Vancouver multiple unit permits. Non-residential permits were up 12.1 per cent from April and were unchanged year-over-year. 


Building permit activity was mixed in BC's four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA rebounded from a soft May, rising 102 per cent on a monthly basis and 49 per cent year-over-year.  Construction intentions in the Kelowna CMA rose 19.2 cent from May and were 50.2 per cent higher year-over-year. In the Victoria CMA, permit activity decreased sharply from a very strong May, falling 31.8 per cent on a monthly basis and 13.4 year-over-year. Finally, in the Vancouver CMA, permits  fell 17.8 per cent on a monthly basis and were 22.3 per cent lower year-over-year.
“Copyright British Columbia Real Estate Association. Reprinted with permission.”