BCREA ECONOMICS NOW Canadian Building Permits - June 6, 2018
The total value of Canadian building permits declined 4.6 per cent on a monthly basis in April, with all classes of permits declining with the exception of commercial buildings. Year-over-year, the value of permits was up 6.5 per cent.
The largest declines in permitting activity were posted in BC, which saw the total value of permits fall 22.6 per cent in April after posting a record high in March. Year-over-year, total permits values were down only 1.9 per cent at $1.24 billion. Non-residential permits were down 31.8 per cent on a monthly basis and were 28 per cent lower year-over-year. Residential permits fell 19.6 per cent on a monthly basis but were 10.1 per cent higher year-over-year.
Construction intentions in April were down in three of BC's four census metropolitan areas (CMA):
• Permits in the Abbotsford-Mission CMA fell 26.7 per cent on a monthly basis to $23.8 million. Year-over-year, permit values were down more than half.
• In the Victoria CMA, total construction intentions increased 16.4 per cent to $109.1 million , a 5.6 per cent rise over this time lats year.
• In the Kelowna CMA, permits tumbled 30.6 per cent monthly basis, and were down 37.7 per cent year-over-year to $60 million.
• The Vancouver CMA recorded permit activity valued at $755.9 million, falling 27.3 per cent from the over $1 billion in total permits registered in March. Year-over-year, permits were up 11.9 per cent.