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.
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.