BCREA ECONOMICS NOW: Canadian Building Permits – July 7, 2014
Canadian building permits posted strong growth in May, rising 13.8 per cent from April. The increase was the result of higher construction intentions for BC multi-family units as well as commercial buildings in Manitoba and Ontario.
New building permits in BC rebounded from large declines in April, jumping 30.7 per cent month-over-month and 7.7 per cent year-over-year in May. The dollar value of residential permits rose 29.1 per cent on a monthly basis and 2.5 per cent year-over year while non-residential permits were up 34.2 per cent from April and 20.9 per cent year-over-year.
Building permit activity was mixed in BC’s four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA fell 47.5 per cent from April and were 47.9 per cent lower compared to May 2013. Similarly, construction intentions in the Kelowna CMA fell 20.4 per cent from April but were 5.5 per cent higher year-over-year. In the Victoria CMA, permits increased 74.3 per cent on a monthly basis and more than doubled year-over-year. Finally, in the Vancouver CMA, permits bounced back from declines in April, jumping 59.4 per cent on a monthly basis and were 6.5 per cent higher year-over-year.
Copyright British Columbia Real Estate Association. Reprinted with permission. BCREA makes no guarantees as to the accuracy or completeness of this information.
The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.