September 6, 2018 - Courtesy of BCREA
The total value of Canadian building permits edged 0.1 per cent lower on a monthly basis in July. The decline was the result of lower construction intentions in BC.
In BC, the total value of permits fell 11 per cent on a monthly basis to $1.4 billion. Residential permits decreased 15.4 per cent from June and were down 3 per cent year-over-year, as a result of lower permit activity for multi-family units in Vancouver. Non-residential permits were up 6.7 per cent from June, but were 2 per cent lower year-over-year.
Construction intentions in July were down in three of BC's four census metropolitan areas (CMA):
- Permits in the Abbotsford-Mission CMA fell 10 per cent on a monthly basis to $28.3 million. Year-over-year, permit values were down 28 per cent.
- In the Victoria CMA, total construction intentions were down by half on a monthly basis to just $76.7 million, a 40 per cent decline over this time last year.
- In the Kelowna CMA, permits values increased by 13.3 per cent on a monthly basis to $113.2 million, and were up 44 per cent year-over-year.
- The Vancouver CMA recorded permit activity valued at 796.8 million, a 13.5 per cent decline from May and down 9 per cent year-over-year.