BCREA ECONOMICS NOW: Canadian Building Permits - August 7, 2012
BCREA ECONOMICS NOW
Canadian Building Permits - August 7, 2012
Canadian building permits fell 2.5 per cent in June following a 7.1 per cent rise in May. The decline in permits was driven by falling non-residential permits as well a a drop in BC and Alberta residential permitting activity.
Construction intentions in BC fell 16 per cent from May. However, permitting volume remained strong at over $900 million, a 4 per cent increase from June 2011. Residential permits were 4 per cent lower than May, but 6 per cent higher than last June. Non-residential permits fell 35 per cent, though from a strong prior month. Year-over-year, non-residential permits were essentially flat.
Looking at BCs major metropolitan areas, permit activity was sharply lower month-over-month in Vancouver (down 20 per cent) and Victoria (down 47 per cent), flat in Kelowna, and up 54 per cent in Abbotsford.
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.
Your Vancouver Real Estate Specialist.
DavidValente.com
604-377-6015