Steve Flynn  RE/MAX Central 

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Canadian Building Permits - May 9, 2018

The total value of Canadian building permits increased 3.1 cent on a monthly basis in March, led by higher construction intentions of multi-family units in Quebec and BC. Year-over-year, the value of permits was up 10.8 per cent. 

The total value of permits issued in BC jumped 22 per cent on a monthly basis and was 74.2 per cent higher year-over-year at $1.77 billion.  Non-residential permits were up 16.7 per cent on a monthly basis and 94 per cent year-over-year to nearly $1.3 billion. Residential permits increased 16.7 per cent monthly basis and were 67.2 per cent higher year-over-year.

Construction intentions in December were higher in only three of BC's four census metropolitan areas (CMA):

  • Permits in the Abbotsford-Mission CMA  declined 17 per cent on a monthly basis to $35.6million. Year-over-year, permit values were up 25.7 per cent. 
  • In the Victoria CMA, total construction intentions declined 15.8 per cent to $93.7, a 1.1 per cent dip year-over-year.
  • In the Kelowna CMA, permits were up 54.1 per cent monthly basis, but down 21.5 per cent year-over-year to $83.3 million.
  • The Vancouver CMA recorded permit activity valued at $1.160 billion, an increase of 27.8 per cent over February and up 114.4 per cent year-over-year. 

 

Copyright British Columbia Real Estate Association. Reprinted with permission.

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