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.
Thursday, April 7, 2016
Canadian Building Permits
The total value of Canadian building permits climbed 15.5 per cent on a monthly basis in February. That increase follows a 9.5 per cent decline in the previous month. Stronger permits were driven by higher construction intentions in the commercial sector in Alberta as well as single-family residential permits in Ontario.
In BC, total permit activity declined in February, dropping 1.2 per cent on a monthly basis but remained above $1 billion for the fourth consecutive month. On a year-over-year basis, the dollar value of building permits in the province was 11.5 per cent higher than February 2015. Non-residential permits were up 17.1 per cent on a monthly basis and close to 54 per cent year-over-year while residential permits were down 8.3 per cent on a monthly basis and were 1.8 per cent lower compared to last year.
Construction intentions were mostly lower in BC's four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA were down 43 per cent on a monthly basis and 13.8 per cent lower year-over-year. In the Kelowna CMA, permits fell 63 per cent from January but were 65 per cent lower year-over-year. In the Vancouver CMA, permits fell 5.5 per cent on a monthly basis and were essentially flat year-over-year. In the Victoria CMA, permit activity was up 94 per cent on a monthly basis and more than doubled on a year-over-year basis.