Wednesday, July 8, 2015

Canadian Building Permits

The total value of Canadian building permits fell 14.5 per cent on a monthly basis in May and was down 4 per cent year-over-year. Weakness in permit activity was widespread both across residential and non-residential sectors and geographically with 5 provinces posting monthly declines. 

Following two months of very strong permit activity, the value of building permits issued in BC declined 8 per cent on a monthly basis, but was up 8 per cent year-over-year. The always volatile non-residential permits tumbled 38 per cent on a monthly basis and were 22 per cent lower than May 2014. The value of permits in the residential sector increased 7 per cent in May on a monthly basis and were 22 per cent higher year-over-year.  

Construction intentions were mixed in BC's four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA more than doubled on both a monthly and year-over-year basis. In the Kelowna CMA, permits jumped 98 per cent from April and were 93 per cent higher year-over-year.In the Vancouver CMA, permits fell 13.2 per cent on a monthly basis but rose 7 per cent year-over-year. 
 In the Victoria CMA, permit activity was down 34 per cent on a monthly basis and was 19 per cent lower year-over-year. 

Copyright BCREA - reprinted with permission 

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