The total value of Canadian building permits rose 2.6 per cent on a monthly basis in November to $8.3 billion. The increase was driven by higher construction intentions for commercial buildings.
In BC, the total value of permits increased 14.3 per cent to $1.7 billion. That increase was primarily the result of record high commercial permits due to a $240 million office project in the Vancouver CMA. Total non-residential permits were up close to 80 per cent on a monthly basis and 68 per cent year-over-year. Residential permits fell 7.4 per cent compared to October but exceeded the $1 billion mark for a second consecutive month and were 33 per cent higher year-over-year.
Construction intentions in November were mostly higher in BC's four census metropolitan areas (CMA):
- Permits in the Abbotsford-Mission CMA increased 4 per cent on a monthly basis to $34 million. Year-over-year, permit values were down 21 per cent.
- In the Victoria CMA, total permit values rose 36 per cent on a monthly basis to $131.2 million, a 73 per cent increase year-over-year.
- In the Kelowna CMA, permits values decreased by 10 per cent from a strong October to a still robust $111 million, a 45 per cent increase compared to November 2017.
- In the Vancouver CMA, the value of permits rose 15 per cent to $1.1 billion. On a year-over-year basis, the value of permits was 73 per cent higher.
Copyright British Columbia Real Estate Association. Reprinted with permission.