Massive gains in the value of building permits in Vancouver and across BC drove record highs in Canada’s overall building permits in July, according to Statistics Canada data released September 8.
Combined residential and non-residential permits in Vancouver rose to $717.6 million, a rise of 46 per cent compared with June 2014 and 39.7 per cent compared with July 2013. This was due in large part to increases in multi-family condominium building permits.
Across BC as a whole, combined permits rose 31.7 per cent month over month and 28 per cent year over year to $1.1 billion. The rise was driven by residential permits, which in July were valued at 752.5 billion – a near-45 per cent increase over June 2014 and a 41 per cent rise compared with July 2013.
Nationwide, combined residential and non-residential permits rose 11.8 per cent month over month to a record $9.16 billion in July, contrary to a Bloomberg survey that had forecast a 5 per cent decline. Compared with July 2013, permits were 13.3 per cent higher.
Across Canada, residential permits also reached a record high, rising 18 per cent over June’s figures and 19.6 per cent year over year to nearly $5 billion.
To see the full report, click here.
