The total value of Canadian building permits fell close to 8 per cent on a monthly basis in November, the first decrease in three months. The decline in construction intentions was broad based, with all categories of buildings except residential single detached posting lower permit values.
The total value of permits issued in BC declined for a second consecutive month, falling 13.8 per cent on a monthly basis and 5 per cent year-over-year to $1.18 billion. Residential permits fell almost 18 per cent on a monthly basis and were 22 per cent lower than this time last year. Non-residential permits declined about 6 per cent on a monthly basis but were 62 per cent higher year-over-year.
Construction intentions in November were higher in only one of BC's four census metropolitan areas (CMA):
- Permits in the Abbotsford-Mission CMA fell 16.6 per cent on a monthly basis to just over $30 million. Year-over-year, permit values were more than double the value of July 2016.
- In the Victoria CMA, total construction intentions totaled just under $50 million, a 74 per cent decline from October and 18 per cent decline in permit values from one year ago.
- In the Kelowna CMA, permits were 21.5 per cent higher on a monthly basis and 24 per cent higher compared to November 2016 at $76.4 million.
- The Vancouver CMA recorded permit activity valued at $708.3 million, a decline of 8.6 per cent on a monthly basis and an 18 per cent decrease year-over-year. The value of multi-family residential permits fell 29.5 per cent while single-detached permit values were essentially unchanged.
Copyright British Columbia Real Estate Association. Reprinted with permission.