In BC, lower building permits were registered in both the non-residential and residential sectors. The total value of building permits fell 24.2 per cent to $768 million from over $1 billion in permits in December. Total permits were also down 15.5 per cent year-over-year. Both non-residential and residential permits were lower in January, but most of the decline was a result of a steep decline in non-residential construction intentions.
Construction intentions were mostly lower in BC's four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA fell 33.4 per cent on a monthly basis and 40.5 per cent year-over-year.The Kelowna CMA was the only BC CMA that posted higher permit values in January, with permit values growing 19.9 per cent from December and 58.6 per cent over January 2013. In the Victoria CMA, permit activity declined 27.4 per cent on a monthly basis and was 25.9 per cent lower year-over-year. In the Vancouver CMA, permits were down 32.7 per cent on a monthly basis and were 25.9 per cent lower year-over-year.
Copyright BCREA - reprinted with permission