The total value of Canadian building permits rose 0.4 on a monthly basis in September to $8.1 billion, driven primarily by record high construction intentions in Quebec.
In BC, the total value of permits fell 20 per cent in September from a record high of $1.8 billion in August. Residential permits fell 17 per cent on a monthly basis and were 5.6 per cent lower year-over-year. Non-residential permits were down close to 25 per cent on a monthly basis but were up nearly 20 per cent year-over-year. Total permits in BC were up 8 per cent for the third quarter, though residential permits were off 5.3 per cent due to lower construction intentions for single-family dwellings.
Construction intentions in September were mostly lower in BC's four census metropolitan areas (CMA):
- Permits in the Abbotsford-Mission CMA declined 20 per cent on a monthly basis to $25.1 million. Year-over-year, permit values were down 31.7 per cent.
- In the Victoria CMA, total construction intentions nearly doubled on a monthly basis to $134.5 million, a 24 per cent increase year-over-year.
- In the Kelowna CMA, permits values decreased by 11.1 per cent from August to $84.7 million, but were nearly 50 per cent higher compared to September 2017.
- In the Vancouver CMA, the value of permits fell 38 per cent after a spike in permit values in August. On a year-over-year basis, the value of permits was 8 per cent lower.
Copyright British Columbia Real Estate Association. Reprinted with permission.
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