Squamish Real Estate - Market Economics
BCREA ECONOMICS NOW
Canadian Building Permits - September 8, 2011
Canadian building permits rose 6.3 per cent in July, matching a previous record high set in May 2007. Residential permits increased 14.6 per cent, though most of the gains were concentrated in the Ontario multi-family sector. Non-residential permits declined 4.5 per cent.
BC construction intentions fell 8.1 per cent in July due to a 17.1 per cent drop in residential permits. Non-residential permits in BC continued to gain momentum, jumping 11.4 per cent from June to July. Looking at the metropolitan level, BC’s major centres saw steep declines in permitting activity. Vancouver permits fell 1.3 per cent while Kelowna, Victoria and Abbotsford construction intentions declined 62.4 per cent, 32.3 per cent and 24.7 per cent respectively. However, permitting activity has been highly volatile in recent months and so caution should be exercised in extrapolating July’s into the future.
Copyright British Columbia Real Estate Association. Reprinted with permission.
