The total value of Canadian building permits decreased 6.6 per cent from November to December, the result of declining permit activity across all commercial and residential sectors.
In BC, permit values slowed substantially, perhaps suggesting a slowdown in construction intentions in the coming year. The total value of permits fell 23.5 per cent on a monthly basis and 26.5 per cent year-over-year. Residential permits were down close to 27 per cent on both a monthly and annual basis while non-residential permits were down 8 per cent on a monthly basis and 27 per cent year-over-year.
Construction intentions were mixed across BC's four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA increased 133 per cent from October to November but were down 67 per cent year-over-year while the Vancouver CMA posted the largest monthly decline in permits in the country, down 35 per cent on a monthly and annual basis. The Victoria CMA saw permit values increase 22 per cent on a monthly basis and a 25 per cent decline year-over-year. In the Kelowna CMA, permits rose 2 per cent on a monthly basis and 121 per cent year-over-year.
Copyright British Columbia Real Estate Association. Reprinted with permission.