The value of building permits climbing 52.6 per cent on a monthly basis

BCREA ECONOMICS NOW

Canadian Building Permits – May 7, 2015

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

For more information, please contact: Gino Pezzani.

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