Record $3.2 billion in building permits issued in Vancouver in 2015

Vancouver is growing faster than ever, at least where development is concerned.

A record-breaking $3.2 billion worth of building permits were issued in 2015 by the City of Vancouver, a growth of 105 per cent from 2008.

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“Vancouver is continuing to lead Canada in economic growth, and record values for new construction investment are further validation of our work together to create jobs and build an even better city,” said Mayor Gregor Robertson in a statement.

“Whether it’s the record-setting pace for new rental housing and new office construction, or unprecedented growth in innovative sectors such as clean technology, there’s never been so much reason for optimism about the future of Vancouver’s economy.”

In November 2015 alone, $762 million worth of building permits were issued in the City of Vancouver, representing a year-over-year increase of 47.9 per cent.

Some of the largest projects that contributed to the record-breaking number include a 52-storey high rise on Howe Street called Vancouver House valued at $279 million, and the new 265,000 square foot Emily Carr space valued at $80 million.

Last year, building permit valuations topped out at $2.8 billion.

Image: City of Vancouver

While Vancouver is continuing to grow, other Canadian cities are lagging behind. Toronto’s yearly growth declined 5.3 per cent, while Montreal fell 34.6 per cent since November 2014.