BCREA ECONOMICS NOW
Canadian Building Permits - September 9, 2013
Canadian building permits jumped 20.7 per cent in July to $8 billion, the sixth gain in the past seven months. Higher building permits were driven primarily by stronger construction intentions in Ontario, Alberta and Quebec.
BC building permits fell 8.2 per cent in July from June as residential building permits declined 9.3 per cent and non-residential permits dropped 6.2 per cent. Year-over-year, construction intentions in July were 23 per cent lower than in 2012. On the residential side, the total number of units permitted fell from 2,858 in June to a still relatively strong 2,310 units in July. Permits for single-family units actually rose significantly from 640 in June to 782 in July while permits for apartments declined from 1,614 to 1,086.
Permitting activity in BC's four major census metropolitan areas (CMA) varied significantly in July. In the Vancouver CMA, permits fell 25.7 per cent on a monthly basis and were 40 per cent lower year-over-year. Construction intentions in the Victoria CMA rose sharply for the second month in a row, rising 21.2 per cent on a monthly basis and 21.9 per cent year over year. in the Kelowna CMA, permits were up 65.1 per cent from June and were 49.9 per cent higher than July 2012. Finally, in the Abbotsford-Mission CMA, building permits declined 12.7 per cent month-over-month and 19 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
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