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.