BCREA ECONOMICS NOW: Canadian Building Permits - January 9, 2012
Canadian building permits declined 3.6 per cent in November, following an 11.6 per cent jump in October. A sharp decline in non-residential permits, particularly in Ontario, overshadowed an 8.2 per cent gain in residential activity.
BC lead all provinces with construction intentions rising 31.5 cent in November. Both residential and non-residential permits were up significantly in November with residential permits rising 29.5 per cent and non-residential permits up 36 per cent. Permits for multi-family housing in Vancouver was largely responsible for the increase in residential activity, with total permits rising 71 per cent from October to November. Other major metropolitan centres saw mixed results with Kelowna and Victoria up 5.9 and 2 per cent respectively while Abbotsford construction intentions tumbled 76.1 per cent. November building permits data suggests that the strong trend in residential, particularly multi-family, housing construction will continue through the early months of 2012. However we do anticipate a moderate slowing of overall starts this year.
For more information, please contact:
Cameron MuirBrendon Ogmundson
Direct: 604.742.2780Direct: 604.742.2796
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