BCREA ECONOMICS NOW
February Building Permits - April 6, 2011
Canadian building permits increased 9.9 per cent in February, adding to stronger building intentions observed in January. Residential permits fell 18.3 per cent from last month with the largest declines occurring in Ontario and Quebec. Non-residential building permits reversed a sharp downtrend, rising by 72.9 per cent. Construction intentions in BC followed the National trend, with residential permits essentially flat while non-residential activity was up 54.4 per cent.
Higher building permits were observed in each of BC's largest cities with permit values rising 1.6 per cent and 10.8 per cent respectively in Vancouver and Victoria. Permit values were sharply higher in Abbotsford, increasing 224.6 per cent and up 5.8 per cent in Kelowna. Building permit values in CMA's typically exhibit volatility as multiple unit residential construction activity can swing significantly from month-to-month.
Source: British Columbia Real Estate Association.