The total value of permits issued in BC declined for a second consecutive month, falling 13.8 per cent on a monthly basis and 5 per cent year-over-year to $1.18 billion. Residential permits fell almost 18 per cent on a monthly basis and were 22 per cent lower than this time last year. Non-residential permits declined about 6 per cent on a monthly basis but were 62 per cent higher year-over-year.
Construction intentions in November were higher in only one of BC's four census metropolitan areas (CMA):
- Permits in the Abbotsford-Mission CMA fell 16.6 per cent on a monthly basis to just over $30 million. Year-over-year, permit values were more than double the value of July 2016.
- In the Victoria CMA, total construction intentions totaled just under $50 million, a 74 per cent decline from October and 18 per cent decline in permit values from one year ago.
- In the Kelowna CMA, permits were 21.5 per cent higher a monthly basis and 24 per cent higher compared to November 2016 at $76.4 million.
- The Vancouver CMA recorded permit activity valued at $708.3 million, a decline of 8.6 per cent on a monthly basis and an 18 per cent decrease year-over-year. The value of multi-family residential permits fell 29.5 per cent while single-detached permit values were essentially unchanged.