February 7, 2018
The value of building permits grew 27.3% (seasonally adjusted) in December from the previous month. Increases in permits for residential (+50.6) and industrial (+12.8%) projects offset decreases for institutional (‑36.3%) and commercial (‑13.5%) buildings. The value of permits rose in Vancouver (+38.9%), where most of the province’s building activity occurs, while Abbotsford-Mission (+167.1%) and Victoria (+69.2%) both saw large increases as well. Kelowna (‑31.6%) saw a decrease in the value of permits issued.
Nationally, building permits increased by 4.8% in December. There was growth in Saskatchewan (+31.5%), British Columbia (+27.3%), and Quebec (+20.6%). Conversely, the value of permits contracted in Manitoba (‑25.4%), Alberta (‑10.5%), and Atlantic Canada (‑5.4%).
Regional Building Permits
Through December of 2017, the value of building permits issued in the province’s regions climbed 17.5% (unadjusted) above the level recorded in the same period last year. Investment intentions were up in most regions ranging from 7.3% in Kootenay to 156.0% in Nechako. Planned spending rose in Mainland/Southwest (+16.8%), where increases were seen for institutional and governmental (+64.9%), industrial (+60.2%), commercial (+17.2%), and residential (+12.2%) projects. Overall permits continued to increase in North Coast (+79.6%), Thompson/Okanagan (+23.4%), and Vancouver Island/Coast (+22.3%), while the only regions to see declines were Northeast (‑30.3%) and Cariboo (‑9.8%).
Data Source: Statistics Canada (Regional data produced by BC Stats from unpublished data)
Housing starts in urban areas (areas with population of at least 10,000) in British Columbia fell by 26.1% (seasonally adjusted at annual rates) in February compared to January. The decrease was widespread with every housing type start registering declines in the month.
Across British Columbia’s census metropolitan areas, Victoria (+175.5%) was the only one in which housing starts grew in February. Kelowna saw the biggest decrease at 64.5% for the month.
Despite falling in half of the provinces, urban housing starts across Canada went up (+7.1%) in February. The increase was led by Prince Edward Island (+184.6%), Ontario (+25.8%) and Quebec (+17.2%). The increase was concentrated in apartment units (+22.8%) with all other housing types starts declining in the month. Saskatchewan (‑40.0%) registered the largest housing starts decline in February.