BCREA ECONOMICS NOW - Canadian Building Permits March 7, 2012
BCREA ECONOMICS NOW
Canadian Building Permits - March 7, 2012
Canadian building permits began the year on a weak note, falling 12.6 per cent month-over-month in January. Lower permitting activity was broad based with both residential non-residential permits falling.
Construction intentions in BC were also weaker, with total permits falling 5 per cent from December. However, on a year-over-year basis building permits were 34 per cent higher in January. Residential permits were marginally lower, though still posted a strong month with over half a billion dollars in proposed new home construction. Non-residential permits were responsible for the majority of the overall decline, falling 12 per cent. Permit activity was mixed across BC major metropolitan areas with Victoria and Abottsford permit activity posting strong gains while Kelowna and Vancouver activity declined.
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 |
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
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.
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