Vancouver home building permits issued in November 2015 were valued at a total of $543.9million, a rise of 59.7 per cent compared with the previous November, according to Statistics Canada data released January 8.
This rise was led by a surge in condo-apartment building permits, which rose 105.3 per cent year over year to $356.6 million.
Vancouver’s total dollar value in November was also a 7.7 per cent increase compared with October 2015’s figure of $505 million, although does not compare to July’s peak of $775.2 million.
Single-family homes accounted for nearly $131 million of November’s permit value in Vancouver, and $51.6 million was invested in townhomes.
Residential permits across BC were up 41.9 per cent year over year to total $717.2 million in value, which was a decline of 3.1 per cent compared with October. However, BC was the only province to see a month-over-month increase in condo-apartment building permit values in November, rising 13.6 per cent.
In other provincial centres surveyed, Abbotsford-Mission’s construction growth remained extremely strong, rising 107.1 per cent over last November to $13.4 million. This was 23.2 per cent drop compared with October’s even stronger figures.
The value of November’s building permits in Kelowna fell to total $23.4 million, a drop of 27.6 per cent year over year and a decline of 47.5 per cent compared with October 2015.
Victoria saw November building permit values recover somewhat, rising 17.7 per cent year over year to $30.7 million, which was also a very slight rise of 0.1 per cent compared with October’s figures.
Across Canada, the total value of residential permits was $3.27 billion, a 32 per cent decline over the month before and a drop of 10.9 per cent year over year, undoing the recovery seen in October. The decrease was led by significant drops in the resource-based provinces of Manitoba, Alberta and Saskatchewan.
To see the full Statistics Canada report and interactive tables, click here.
