(May 19, 2015
The value of Vancouver’s residential building permits in March was nearly double that of the same month last year, according to Statistics Canada data released May 7.
Residential permits in the city totalled $979 million in March, up 97.2 per cent compared with March 2014, and a rise of 52.1 per cent compared with the previous month.
Of the three other BC municipalities surveyed, Kelowna was the only one to see a similar increase to Vancouver, with residential permit values rising to $62.4 million in March. This is an 84.2 per cent increase over March 2014 and a month-over-month leap of 153 per cent.
Abbotsford-Mission and Victoria both saw declines in the value of residential construction permits, down 12.4 and 4 per cent respectively compared with March 2014.
Across Canada, the value of residential construction permits rose 18.8 per cent year over year and 6.6 per cent month over month to $4.4 billion in March.