Monday, November 5, 2012

Canadian Building Permits

Canadian building permits fell 13.5 per cent in September following a 9.5 per cent rise in August. The decline in permits was primarily driven by a drop in  non-residential permitting activity. Construction intentions in BC jumped 14.5 per cent in September, leading all provinces. The total dollar volume of permits exceeded $1 billion for the second time in the past three months, led by continued strength in non-residential permitting activity, which jumped 44 per cent month-over-month and 163 per cent year-over-year. September residential permits were 4 per cent lower compared to August, but were 14 per cent higher than September 2011.

Permit activity was markedly higher in three of BC's four major metropolitan areas.  Vancouver saw total permits increase 21 per cent month-over-month and 81 per cent year-over-year in September. Abbotsford permits tripled from August levels and were more than doubled year-over-year.  Victoria recorded an 81 per cent increase over August and 45 per cent compared to September 2011.  In contrast, Kelowna saw construction intentions sag, with permits falling 50 per cent month-over-month and 33 per cent year-over-year.

Copyright BCREA reprinted with permission

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