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:
Cameron Muir Brendon Ogmundson
Chief Economist Economist
Direct: 604.742.2780 Direct: 604.742.2796
Mobile: 778.229.1884 Mobile: 604.505.6793
Email: cmuir@bcrea.bc.ca Email: bogmundson@bcrea.bc.ca
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.
Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.