The total value of Canadian building permits fell 3.5 per cent on a monthly basis in July, the first decrease since March 2017. The decrease was largely the result of lower construction intentions in Ontario, though several provinces saw declines.
The total value of permits issued in BC increased 4.6 per cent on a monthly basis and were up 35.4 per cent year-over-year, exceeding $1.3 billion for a second consecutive month. Residential permits rose 7.8 per cent on a monthly basis and were 52.6 per cent higher year-over year. That growth was led by a record $771.8 million in permits for multi-family dwellings. Non-residential permits declined 6.1 per cent on a monthly basis and were 5.6 per cent lower year-over-year.
Construction intentions were higher in three of BC's four census metropolitan areas (CMA):
- Permits in the Abbotsford-Mission CMA fell 17.4 per cent on a monthly basis to just over $30 million. Year-over-year, permit values were more than double the value of July 2016.
- In the Victoria CMA, total construction intentions totaled $138.9 million, an 8.2 per cent monthly increase and a 48 per cent increase in permit values from one year ago.
- In the Kelowna CMA, permits were 1.8 per cent higher a monthly basis and close to 5 per cent higher compared to July 2016 at $71 million.
- In the Vancouver CMA, a record value of multi-family dwelling permits pushed the total value of all permit activity to $858.6 million, an increase of 8.2 per cent on a monthly basis and a 48 per cent increase year-over-year.
Copyright British Columbia Real Estate Association. Reprinted with permission.