BCREA ECONOMICS NOW: Canadian Building Permits - November 6, 2013
BCREA ECONOMICS NOW
Canadian Building Permits - November 6, 2013
Canadian building permits rose 1.7 per cent in September to $6.5 billion, following a 20 per cent decline in August. The modest increase in building permits was led by the residential sector, primarily in Alberta and Quebec.
Construction intentions in BC declined 6 per cent in September from August and were nearly 19 per cent lower year-over-year. The value of residential permits were 14.1 per cent lower in September and 6 per cent lower year-over-year. The total number of residential units permitted in September fell 29 per cent from August due to a sharp decline in permits for multiple units. The value of non-residential permits rose 10.3 per in September.
Building permit activity across BC's four major census metropolitan areas (CMA) was mostly lower in September. In the Abbotsford-Mission CMA, permits rose 15.2 per cent on a monthly basis but were 61.7 per cent lower year-over-year. Construction intentions in the Victoria CMA declined for the second consecutive month, falling 2.5 per cent from August and 31.4 per cent year-over-year. In the Kelowna CMA, permits fell 52.8 per cent after posting a 70 per cent increase in August. Finally, in the Vancouver CMA building permits declined 11.3 per cent month-over-month and 29.2 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 |
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.