News: Vancouver Real Estate Market

Canadian Building Permits - BCREA

   Canadian building permits continue to show strength, rising 4.7 per cent month-over-month in March. The gain at the National level was mostly the result of higher institutional and commercial activity in Ontario, which were up 65 per cent and 15 per cent higher respectively.


Construction intentions in BC tumbled 29 per cent in March, though from a very active February that saw over $1 billion in permits. On a year-over-year basis, total building permits were down 13 per cent from March 2011.


Residential permits were essentially flat, falling 0.2 per cent, but were 13 per cent higher than March 2011. Non-residential permits recorded a steep monthly decline of 57 per cent and were 43 per cent lower than March 2011.

Permit activity was down across most BC major metropolitan areas. Victoria, Abbotsford and Vancouver all posted declines with Victoria and Abbotsford posting monthly declines of more than 20 per cent. Permitting activity in Kelowna jumped 86 per cent in March making up for two previous months of slow permit activity.


Copyright British Columbia Real Estate Association. Reprinted with permission.


No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.