Permit values hold steady

Building permit values in the Lower Mainland-Southwest region held steady in August and are up year-to-date, according to Vancouver Regional Construction Association’s analysis of the latest Statistics Canada building permit report released earlier this month.

“Building permit values in the Lower Mainland-Southwest region held fairly steady in August compared to July,” says Keith Sashaw, president of the Vancouver Regional Construction Association.

Total building permit values in the region edged up four per cent to $600.8 million in August from $577.7 million in July 2011. Non-residential permit values fell back 29 per cent to $163 million from $229.3 million during the same period, while the value of residential permits rose 26 per cent to $437.9 million from $348.4 million.

“Overall, building permit values in the Lower Mainland-Southwest region were up eight per cent this year compared to last year,” says Sashaw.  “This reinforces confidence in the local economy and the overall growth underway.”

Total building permit values in the Lower Mainland-Southwest region rose eight per cent to $4.23 billion in the first eight months of this year compared to $3.92 billion in the same period last year. Non-residential permits were up 23 per cent to $1.41 billion from $1.15 billion. Residential permit values rose to $2.82 billion, up two per cent.

“We aren’t concerned about the monthly declines in non-residential permits; the August drop-off in commercial permits following a substantial jump in July was the main reason behind the decline,” says Sashaw. “Monthly volatility is a strong feature of building permits and total non-residential permits were 23 per cent higher in the first eight months of this year compared to the same period last year.”

“While Metro Vancouver permit activity slipped in August, the commercial real estate sector is coming alive with more investment in office towers in downtown Vancouver,” says Sashaw. “These projects have yet to appear in building permits.”

Gains in Metro Vancouver’s industrial permits are also a sign of an improving market, says VRCA. Industrial permits are on track for a substantial rise this year and the first annual increase since 2006.

Seasonally adjusted total building permits in Metro Vancouver slipped five per cent to $494.1 million seasonally adjusted in August 2011 compared to $519.7 million in July.

Just Posted

Canadian Museum of Flight volunteer was there from the beginning

Fond memories as the Langley aviation history exhibition readies for the holidays

Christmas cheer for 400 in Aldergrove

Shortreed Elementary School hosts breakfast with Santa

TransLink reveals new plans for proposed Surrey-Langley SkyTrain

No cost estimates, but the Fraser Highway line is expected to open by 2025

‘It’s just taking your dreams away’: Cloverdale farmer worries ALR changes will kill house plans

Kevin Buttar’s house has been in progress for five years; new rules may have him starting all over

Aldergrove Totems fall in heart-breaker

Visiting Haney boys win varsity basketball season home opener

‘Abhorrent’ condition of autistic B.C. boy shows flaws in care system: report

‘Charlie’ was underweight and ‘covered in feces’ when he was removed from his mom’s care

Military closes book on oft-criticized support unit for ill, injured troops

The transition unit will provide support and services to military members struggling with physical and mental injuries so they can return to work.

Vancouver Canucks rookie Elias Pettersson named NHL’s first star of the week

Canucks centre scored two goals and six assists in three games

Protester says Canada doing U.S. ‘dirty work’ outside Huawei exec’s bail hearing

The U.S. wants to extradite Meng to face fraud allegations after Canada arrested the high-profile technology executive.

Break-in at home of detained Chinese Huawei executive

Meng Wanzhou was detained in Vancouver on America’s request

5 to start your day

TransLink reveals new plans for proposed Surrey-Langley SkyTrain, 81-year-old woman waits 90 minutes for a taxi in Pitt Meadows and more

Natural gas rates will go up in B.C. on Jan. 1

Regions could pay up to $68 more

Most Read