BCREA ECONOMICS NOW
The total value of Canadian building permits declined 0.2 per cent to 7.1billion in April, the third consecutive monthly decline. Lower construction intentions for single-family homes, primarily in the Toronto CMA, was a main contributor to April's decline.
Permit activity bounced back in BC following a large decline in March, led by strong construction intentions for multi-family dwellings. The total value of permits increased 22.9 per cent on a monthly basis and were essentially flat year-over-year. Residential permits rose 19 per cent on both a monthly basis but were 7.4 per cent lower year-over year while non-residential permits were up 34 per cent on a monthly basis and 24 per cent year-over-year.
Construction intentions were higher in three of BC's four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA more than tripled on a monthly basis while the Victoria CMA saw permit values increase 25per cent on a monthly basis and 28 per cent year-over-year. In the Kelowna CMA, permits were 8.9 per cent lower on a monthly basis but were 50 per cent higher than permit values in April 2016. In the Vancouver CMA, permit activity bounce back from a decline in April, posting a 25 per cent monthly increase but were 18 per cent lower compared to April 2016.
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|Cameron Muir||Brendon Ogmundson|
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