Steve Flynn  RE/MAX Crest Realty- Burnaby 

Cell: 604.785.3977 |


Canadian Building Permits - March 7, 2019

The total value of Canadian building permits fell 5.5 per cent on a monthly basis in January to $8.4 billion. A decline in construction intentions for commercial buildings was the primary driver of the decline.
In BC, the total value of permits fell 24 per cent to $1.6 billion after reaching a milestone of $2 billion in December.  A decline in Vancouver commercial building permits was largely responsible for the overall drop in the value of permits, falling 56 per cent on a monthly basis.   Total non-residential permits were down 52 per cent on a monthly basis and were essentially flat year-over-year. Residential permits fell 4.3 per cent compared to December but were up 4.5 per cent year-over-year to $1.19 billion.

Construction intentions in January were mostly down in BC's four census metropolitan areas (CMA):

  • Permits in the Abbotsford-Mission CMA fell 49 per cent on a monthly basis to $33.5 million. Year-over-year, permit values were down 48 per cent.
  • In the Victoria CMA, total permit values were up 19 per cent on a monthly basis to $110.2 million, but were down 28.5 per cent over last year.
  • In the Kelowna CMA, permits values fell for a third straight month, declining 4.5 per cent on a monthly basis to $81.1 million. However, the value of permits was up 42 per cent compared to January 2018.
  • In the Vancouver CMA, the value of permits fell 28 per cent to just over $1 billion. On a year-over-year basis, the value of permits was 15 per cent higher.

Copyright British Columbia Real Estate Association. Reprinted with permission.


No comments

Post Your Comment:

Your email will not be published
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.