BCREA ECONOMICS NOW: Canadian Building Permits - July 8, 2013
BCREA ECONOMICS NOW
Canadian Building Permits - July 8, 2013
Canadian building permits rose 4.5 per cent in May
to $7.3 billion, the fifth consecutive monthly advance. The increase was
primarily a result of higher construction intentions in the residential sector
in Ontario and the non-residential sector in Quebec.
Following posting the largest gain in the country last month, BC building
permits declined 15.4 per cent in May to $827 billion. Residential
building permits fell 15.5 per cent on a monthly basis and were off 10 per cent
year-over-year. Non-residential construction intentions were also lower,
declining 15.3 per cent on a monthly basis and 24.1 per cent year-over-year.
BC's four major census metropolitan areas (CMA) saw falling permit values
decline from April. In the Vancouver CMA, permits were 13.5 per cent lower on a
monthly basis and 29.1 per cent lower year-over-year. Construction intentions
in the Kelowna CMA fell sharply in May from a robust April, but were still 8
per cent higher than May 2012. Similarly, in the Victoria CMA, permits were
down considerably from a very strong April, falling close to 72 per cent on a
monthly basis and 64.4 per cent year-over-year. Finally, in the
Abbotsford-Mission CMA, building permits declined 21.1 per cent
month-over-month but were 63.7 per cent higher than May 2012.
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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