Canadian building permits rose 4.5 per cent in May to $7.3 billion, the fifth consecutive monthly advance. The increase was primarily a result of higher construction intentions in the residential sector in Ontario and the non-residential sector in Quebec.
Following posting the largest gain in the country last month, BC building permits declined 15.4 per cent in May to $827 billion. Residential building permits fell 15.5 per cent on a monthly basis and were off 10 per cent year-over-year. Non-residential construction intentions were also lower, declining 15.3 per cent on a monthly basis and 24.1 per cent year-over-year.
BC's four major census metropolitan areas (CMA) saw falling permit values decline from April. In the Vancouver CMA, permits were 13.5 per cent lower on a monthly basis and 29.1 per cent lower year-over-year. Construction intentions in the Kelowna CMA fell sharply in May from a robust April, but were still 8 per cent higher than May 2012. Similarly, in the Victoria CMA, permits were down considerably from a very strong April, falling close to 72 per cent on a monthly basis and 64.4 per cent year-over-year. Finally, in the Abbotsford-Mission CMA, building permits declined 21.1 per cent month-over-month but were 63.7 per cent higher than May 2012.
Copyright BCREA - reprinted with permission
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