Lower Mainland Building Permits up 51%!

Blog by Arnold Shuchat | June 6th, 2013

Canadian Building Permits - June 4, 2013

Canadian building permits rose 10.5 per cent in April to $7 billion, the fourth consecutive monthly advance. The increase was a result of higher construction intentions for multi-family dwellings in Ontario, BC and Quebec.

Following a modest rise in March, BC building permits posted the largest increase among Canadian provinces in April.  Total building permits rose 40.4 per cent on a monthly basis to $978.3 billion, including a 45.5 per cent increase in residential permits and a 28.6 per cent increase in non-residential permits. 

BC's four major census metropolitan areas (CMA) all posted substantial increases in April. Permits rose 63 per cent in the Kelowna CMA from March, and were 78 per cent higher year-over-year. In the Abbotsford-Mission CMA, permits more than doubled on a monthly and year-over-year basis. In the Vancouver CMA, permits increased 51 per cent on a monthly basis and were 14 per cent higher year-over-year. Finally, in the Victoria CMA, permits rose 74 per cent compared to March and were 79 per cent higher than April 2012.

And I ask: "Why"?  Are we so short on properties that developers are tripping to build?  Real estate commissions are already getting jacked up on certain projects just to try and "jolt the dead".  Is this like the movie "Trading Places" where somebody knew the outcome of the election before it happened?