Nelson BC real estate blog by Robert Goertz of Valhalla Path Realty. Keeping you up to date with the Nelson and West Kootenay real estate markets.
Monday, June 1, 2015
Canadian Building Permits
The total value of Canadian building permits rose close to 12 per cent on a monthly basis in March, led by higher construction intentions in the non-residential sector in BC and Alberta as well as higher permits for multi-family dwellings in BC and Ontario.
The value of building permits issued in BC rose for a second consecutive month, climbing 52.6 per cent on a monthly basis and 63.5 per cent year-over-year. Non-residential permits in BC more than doubled on a monthly basis in March due in large part to a surge of commercial permits in the Vancouver CMA. The value of permits in the residential sector increased 28.7 per cent in March on a monthly basis and were 68.5 per cent higher year-over-year. Residential permits were led by an 11 year high in permits for multi-family units.
Construction intentions were up in all four of BC's census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA increased 52.1 per cent on a monthly basis but were 12.4 per cent lower year-over-year. In the Kelowna CMA, permits jumped 153 per cent from February and were 84.2 per cent higher year-over-year. In the Victoria CMA, permit activity was up 31.8 per cent on a monthly basis but was 4 per cent lower year-over-year. In the Vancouver CMA, permits increased for a second month in a row, rising 59.5 cent on a monthly basis and 97.2 per cent year-over-year