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Building permits increase in Metro Vancouver

Comparing January 2014 with January 2013, building permit values increased 20% to $592.0 million in January 2014 compared to $492.8 million in January 2013, according to data released this morning by Statistics Canada.

Non-residential Permits
Non-residential permits increased 3% to $128.8 million from $124.6 million one year ago.

  • Commercial permits rallied 85% higher than last year.
  • Institutional-government permits were 53% lower.
  • Industrial permits were 77% lower.

Residential Permits
Permit values rose 26% higher to $463.2 million from $368.1 million last year.

Overall building permits in 2014 are opening the year on a positive note. However, recent changes in mortgage credit availability and higher mortgage rates in 2014 could have an effect.  It’s too early to tell.

Building   Permits Issued – Metro Vancouver

Total

Non-Residential   Permits

Residential   Permits

Period

Permits

Total

Industrial

Commercial

Inst.-Govt.

Value

Units

 

(Dollars –   Thousands)

 

Dec-13

436,709

91,591

8,337

64,512

18,742

345,118

1,512

Jan-14

592,010

128,831

4,347

99,843

24,641

463,179

2,172

% change

36

41

-48

55

31

34

44

Jan-13

492,767

124,627

18,589

53,912

52,126

368,140

1,606

Jan-14

592,010

128,831

4,347

99,843

24,641

463,179

2,172

% change

20

3

-77

85

-53

26

35

Jan-Jan-13

492,767

124,627

18,589

53,912

52,126

368,140

1,606

Jan-Jan-14

592,010

128,831

4,347

99,843

24,641

463,179

2,172

% change

20

3

-77

85

-53

26

35

Source:   Statistics Canada

For information, contact Andrew Peck, vice-president and general manager at apeck@royalpacific.com.

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