BCREA ECONOMICS NOW Canadian Building Permits - February 7, 2013
BCREA ECONOMICS NOW
Canadian Building Permits - February 7, 2013
Canadian building permits declined 11 per cent in December, following a 15 per cent increase in November. The decline in permits was a result of both lower non-residential and residential construction intentions. For all of 2012, Canadian building permits rose 9 per cent over 2011, reaching $80.5 billion and surpassing the previous peak set in 2007.
In BC, permitting activity declined 15 per cent in December due to a slowdown in both residential (down 9 per cent) and non-residential (down 27 per cent) permit volumes. For all of 2012, the dollar volume of non-residential construction permits in BC rose 16 to $10.7 billion.
Permit activity in BC's four major metropolitan areas was mixed in December. Permit values more than doubled from November in the Abbotsford CMA and rose 31 per cent in the Kelowna CMA. Conversely, permit volume fell month-over-month in the Vancouver CMA by 23 per cent and by 25 per cent in the Victoria CMA.
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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