July 2016 Archive

While the total value of Canadian building permits declined 1.9% in May, BC continued to grow, growing 2.2% from April to May. This continues BC's trend of month-to-month, and year-over-year growth in BC, with year-over-year growth coming in at over 20.3% from May of last year.  For more information the full report is below: 

BCREA ECONOMICS NOW

Canadian Building Permits - July 7, 2016

The total value of Canadian building permits declined 1.9 per cent on a monthly basis in May as lower construction intentions in Ontario and Quebec offset strong gains in other provinces, including the BC non-residential sector.

In BC, total permit activity increased 2.2 per cent from April to May and posted a third consecutive month of over $1.1 billion in permits. On a year-over-year basis, the dollar value of building permits in the province was 20.3 per cent higher than May 2015, led by a 22.6 per cent increase in non-residential permits. Residential activity was slightly lower on a monthly basis in May, but was up 19.5 per cent year-over-year, indicating that new home construction should remain strong in subsequent months. 

Construction intentions were mixed in BC's four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA  jumped close to 40 per cent on a monthly basis but were 4.9 per cent lower year-over-year.  In the Kelowna CMA, permits fell almost 7 per cent from April but were 27 per cent higher year-over-year. In the Vancouver CMA, permits increased 9 per cent on a monthly basis and were up 23 per cent year-over-year.  In the Victoria CMA, permit activity was down 23 per cent on a monthly basis but was up 26.6 per cent compared to May 2015.

For more information, please contact: 

Cameron Muir
Chief Economist    
Direct: 604.742.2780
Mobile: 778.229.1884
Email: cmuir@bcrea.bc.ca

Brendon Ogmundson
Economist
Direct: 604.742.2796
Mobile: 604.505.6793
Email: bogmundson@bcrea.bc.ca

Copyright British Columbia Real Estate Association. Reprinted with permission.