Metro Vancouver building permit values skyrocket by 131% in April 2019: StatsCan

Jun 10 2019, 8:22 pm

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.

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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.

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