The value of development permits issued by municipalities in Metro Vancouver soared to record heights in April 2019 — to the extent that the region was responsible for nearly the entire value increase in the country.
New data published today by Statistics Canada indicates Metro Vancouver municipal governments issued $1.882 billion in permits during the month — an increase of 88% month-over-month and 131% year-over-year.
This accounts for both residential and non-residential permits.
Analysts with the federal statistical agency attribute the increase to developers front-loading permits earlier in the year ahead of the scheduled development cost increase in Metro Vancouver in May — the first change in costs in the region since 1997.
Across the country, the value of permits was up by $1.2 billion in April, which is the largest increase since May 2007.
Provincially, BC municipalities issued $2.864 billion in permits in April, representing a 69.4% increase over the previous month and a 123.4% over April 2018.
The vast majority of the April provincial values were residential permits worth $2.202 billion, with the remaining non-residential permits worth $662 million.