Canadian Building Permits - October 7, 2015
The total value of Canadian building permits decreased 3.7 per cent on a monthly basis in August, after rising for most of the summer. Weakness in permit activity was largely attributable to declining construction intentions in Alberta, Quebec, Saskatchewan and BC.
After leading the country in permit activity in July, the volume of construction permits in BC fell 21 per cent in August. However, the total value of permits exceeded $1 billion for a third consecutive month and was up 35.5 per cent compared to August 2014. Non-residential permits were up 6 per cent on a monthly basis and close to 80 per cent year-over-year, while residential permits tumbled almost 30 per cent from July but were up 22 per cent year-over-year.
Construction intentions were relatively mixed in BC's four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA were up 42 per cent on a monthly basis and more than doubled levels recorded in August 2014. In the Kelowna CMA, permits fell 35 per cent from July and were 16 per cent lower year-over-year. In the Vancouver CMA, permits fell 26 per cent on a monthly basis but were 52 higher per cent year-over-year. In the Victoria CMA, permit activity was down 29 per cent on a monthly basis, but was up 14.5 per cent year-over-year.
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