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BCREA ECONOMICS NOW

BCREA ECONOMICS NOW
February Building Permits - April 6, 2011
Canadian building permits increased 9.9 per cent in February, adding to stronger building intentions observed in January. Residential permits fell 18.3 per cent from last month with the largest declines occurring in Ontario and Quebec. Non-residential building permits reversed a sharp downtrend, rising by 72.9 per cent.  Construction intentions in BC followed the National trend, with residential permits essentially flat while non-residential activity was up 54.4 per cent. 
Higher building permits were observed in each of BC's largest cities with permit values rising 1.6 per cent and 10.8 per cent respectively in Vancouver and Victoria. Permit values were sharply higher in Abbotsford, increasing 224.6 per cent and up 5.8 per cent in Kelowna. Building permit values in CMA's typically exhibit volatility as multiple unit residential construction activity can swing significantly from month-to-month.  
 
For more information, please contact: 
Cameron Muir Brendon Ogmundson
Chief Economist Economist
Direct: 604.742.2780 Direct: 604.742.2796
Mobile: 778.229.1884 Mobile: 604.505.6793
Email: cmuir@bcrea.bc.ca Email: bogmundson@bcrea.bc.ca
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.
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BCREA ECONOMICS NOW
February Building Permits - April 6, 2011
Canadian building permits increased 9.9 per cent in February, adding to stronger building intentions observed in January. Residential permits fell 18.3 per cent from last month with the largest declines occurring in Ontario and Quebec. Non-residential building permits reversed a sharp downtrend, rising by 72.9 per cent.  Construction intentions in BC followed the National trend, with residential permits essentially flat while non-residential activity was up 54.4 per cent. 
Higher building permits were observed in each of BC's largest cities with permit values rising 1.6 per cent and 10.8 per cent respectively in Vancouver and Victoria. Permit values were sharply higher in Abbotsford, increasing 224.6 per cent and up 5.8 per cent in Kelowna. Building permit values in CMA's typically exhibit volatility as multiple unit residential construction activity can swing significantly from month-to-month.  
 
For more information, please contact: 
Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884
Email: cmuir@bcrea.bc.ca  

Brendon Ogmundson
Economist
Direct: 604.742.2796
Mobile: 604.505.6793
Email: bogmundson@bcrea.bc.cA

BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.