LATEST BCREA CONSTRUCTION STATS
Ever wonder how we predict upcomming economic activity in the housing sector? Here is a snapshot of the coming season based on permits pulled in various markets across Canada. Over all the picture appears to be neutral, and these do tend to be the most volatile of all statistic because they can literally change from day to day....
BCREA ECONOMICS NOW
Canadian Building Permits (January)- March, 7 2011
Canadian building permits fell 5.1 per cent in January. Residential permits declined 0.9 per cent from December, while non-residential building permits tumbled 13.3 per cent. Construction intentions in BC fell 4.5 per cent from December and 13.6 per cent year-over-year. Residential permits rose sharply, increasing 20.7 per cent over December, but down 10 per cent over January 2010. The decline in provincial building intentions was due to a dramatic decline in non-residential permits, which plummeted 48.4 per cent month over month and 25.4 per cent year-over-year.
Building permit values in CMA's typically exhibit volatility as multiple unit residential construction activity can swing significantly from month-to-month. This was certainly the case in BC with permits falling 51.0 per cent in Kelowna, 88.8 per cent in Abbotsford, and 41.8 per cent in Victoria. Permits were up in Vancouver, increasing 15.8 per cent over December.
For more information, please contact:
Cameron Muir Brendon OgmundsonChief Economist EconomistDirect: 604.742.2780 Direct: 604.742.2796Mobile: 778.229.1884 Mobile: 604.505.6793Email: cmuir@bcrea.bc.ca Email: bogmundson@bcrea.bc.ca
