Canadian Building Permits - November 6, 2014

BCREA ECONOMICS NOW

The value of Canadian building permits increased 12.7 per cent in September, rebounding from a

steep decline in the previous month.

Building permits also rebounded in BC, rising 9.8 per cent on a monthly basis and 3.8 per cent year-over-year to $879.4 million. Both non-residential and residential permits were higher in September, but growth was primarily the result of a 12.1 per cent increase in residential permits.

Construction intentions were mixed in BC's four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA posted a second consecutive month of steep declines, falling 45.7 per cent on a monthly basis, and 37.4 per cent compared to September 2013.  Construction intentions in the Kelowna CMA were also lower, with permits dipping 14.1 per cent from August, but were 12.5 per cent higher year-over-year.  In the Victoria CMA, permit activity increased 15.8 per cent on a monthly basis and was up 24.9 per cent year-over-year. In the Vancouver CMA, permits were up 8.5 per cent on a monthly basis and were 1 per cent higher year-over-year.