Residential building permits in Vancouver in May 2014 were valued at $594.2 million, up a massive 59 per cent year over year, and up 6.5 per cent over the previous month, according to Statistics Canada data released July 7.
For the province as a whole, construction intentions totalled $605.4 million, up 26.1 per cent year over year and 2.5 per cent month over month.
This compares with much slower national average growth, with Canada's total $4.13 billion value representing a 9.5 per cent year-over-year increase, and fall of 9 per cent compared with April 2014.
The growth in construction intentions in BC was led by a rise in permits for multi-family dwellings, including apartments and apartment-condo projects, offsetting a decline in permits for single-family homes in the province.
Across Canada, municipalities approved the construction of 17,415 new dwellings in May 2014, up 11.8 per cent from April 2013. Again, this increase was mostly attributable to multi-family dwellings, which rose 17.3 per cent month over month to 11,330 units. The number of single-family dwellings across Canada increased 2.8 per cent month over month to 6,085 units.
The Statistics Canada report came out on the same day that the Canadian Home Builders Association issued its annual report on the value of residential construction.
The CHBA reported that BC residential construction in 2013 was valued at $6.99 billion and created $2.89 billion in industry wages.
Read the full CHBA report here.
Read the Statistics Canada report here.
