BCREA ECONOMICS NOW: Canadian Building Permits - November 5, 2012
BCREA ECONOMICS NOW
Canadian Building Permits - November 5, 2012
Canadian building permits fell 13.5 per cent in
September following a 9.5 per cent rise in August. The decline in permits was
primarily driven by a drop in non-residential permitting activity. Construction
intentions in BC jumped 14.5 per cent in September, leading all provinces. The
total dollar volume of permits exceeded $1 billion for the second time in the
past three months, led by continued strength in non-residential permitting
activity, which jumped 44 per cent month-over-month and 163 per cent year-over-year.
September residential permits were 4 per cent lower compared to August, but
were 14 per cent higher than September 2011.
Permit activity was markedly higher in three of BC's four major metropolitan
areas. Vancouver saw total permits increase 21 per cent month-over-month
and 81 per cent year-over-year in September. Abbotsford permits tripled from
August levels and were more than doubled year-over-year. Victoria
recorded an 81 per cent increase over August and 45 per cent compared to September
2011. In contrast, Kelowna saw construction intentions sag, with permits
falling 50 per cent month-over-month and 33 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 |
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estate boards, real estate associations and REALTORS® may reprint this content,
provided that credit is given to BCREA by including the following statement:
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permission.” BCREA makes no guarantees as to the accuracy or completeness of
this information.
Your Vancouver Real Estate Specialist.
DavidValente.com
604-377-6015