Canadian
building permits declined 11 per cent in December, following a 15 per cent
increase in November. The decline in permits was a result of both lower
non-residential and residential construction intentions. For all of 2012,
Canadian building permits rose 9 per cent over 2011, reaching $80.5
billion and surpassing the previous peak set in 2007.
In BC, permitting activity declined 15 per cent in December due to a slowdown in both residential (down 9 per cent) and non-residential (down 27 per cent) permit volumes. For all of 2012, the dollar volume of non-residential construction permits in BC rose 16 to $10.7 billion.
Permit activity in BC's four major metropolitan areas was mixed in December. Permit values more than doubled from November in the Abbotsford CMA and rose 31 per cent in the Kelowna CMA. Conversely, permit volume fell month-over-month in the Vancouver CMA by 23 per cent and by 25 per cent in the Victoria CMA.
In BC, permitting activity declined 15 per cent in December due to a slowdown in both residential (down 9 per cent) and non-residential (down 27 per cent) permit volumes. For all of 2012, the dollar volume of non-residential construction permits in BC rose 16 to $10.7 billion.
Permit activity in BC's four major metropolitan areas was mixed in December. Permit values more than doubled from November in the Abbotsford CMA and rose 31 per cent in the Kelowna CMA. Conversely, permit volume fell month-over-month in the Vancouver CMA by 23 per cent and by 25 per cent in the Victoria CMA.
Copyright BCREA reprinted with permission
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