The total value of Canadian building permits increased 5 per cent on a monthly basis in December. The increase was primarily the result of higher construction intentions in the residential sector. For all of 2017, the value of building permits across Canada rose 10.4 per cent.
The total value of permits issued in BC broke a string of consecutive down months, rising 27 per cent on a monthly basis and 55.5 per cent year-over-year to 1.5 billion. Residential permits accounted for all of the increase, rising 51 per cent on a monthly basis and 60 per cent over December last year. Non-residential permits declined 17.5 per cent on a monthly basis but were 42 per cent higher year-over-year. Building permits were up 22.9 per cent for all of 2017, the largest increase of all the provinces.
Construction intentions in December were higher in only three of BC's four census metropolitan areas (CMA):
- Permits in the Abbotsford-Mission CMA rose 167.1 per cent on a monthly basis to just under $80 million. Year-over-year, permit values were more than triple the value from December 2016.
- In the Victoria CMA, total construction intentions increased 69.2 per cent to $81.5 million and were up 13.7 per cent year-over-year.
- In the Kelowna CMA, permits were down 31.6 per cent monthly basis to $52 million, a 16.1 per cent decline from December 2016.
- The Vancouver CMA recorded permit activity valued at $976.3 million, an increase of 39 per cent over November and up 71 per cent over the last year. For the year as a whole, Vancouver permits rose 14.2 per cent to $9.4 billion with all components except single detached dwellings posting increasing permit values.
Copyright British Columbia Real Estate Association. Reprinted with permission.