The total value of Canadian building permits jumped 8.9 per cent in April to the third highest value on record. The increase was primarily due to higher residential construction intentions in Ontario.
The total value of permits issued in BC increased 4.4 per cent on a monthly basis and were up 8.3 per cent year-over-year. Residential permits rose 7.6 per cent on a monthly basis and were 8.3 per cent higher year-over year while non-residential permits declined 3.5 per cent on a monthly basis but were 8.3 per cent higher year-over-year.
Construction intentions were higher in three of BC's four census metropolitan areas (CMA):
- Permits in the Abbotsford-Mission CMA fell almost 40 per cent in May to $45 million after a very strong April. Year-over-year, permit values were more than double the value of May 2016.
- In the Victoria CMA, total construction intentions totaled close to $130 million, a 20 per cent monthly increase and a doubling of permit values from one year ago.
- In the Kelowna CMA, permits were 39 per cent lower on a monthly basis and 10 per cent down from May 2016 at about $71 million.
- In the Vancouver CMA, permit activity was up 14 per cent to $722 million. However, on a year-over-year basis, construction intentions fell 6.1 per cent.
Copyright British Columbia Real Estate Association. Reprinted with permission.