Vancouver prevails against nationwide slump in new building permits

More construction is coming to Metro Vancouver according to the latest new building permits data provided by Statistics Canada.

Municipalities in the region issued $762 million worth in new building permits throughout the month of November 2015, which represents an increase of 9.1 per cent from October 2015 and a 47.9 per cent surge from the same period in 2014.

Of Canada’s largest metropolitan regions, Metro Vancouver is leading the nation in growth, with Toronto down 5.3 per cent to $1.321 billion and Montreal falling 34.6 per cent to $407 million since November 2014. As well, on a per capita basis, the Vancouver region leads the pack in building permits.

Calgary is leading the nation in falling building permits, due to the provincial economic crisis spurred by low oil prices. New building permits in November 2014 were only worth $281.7 million, a severe fall of 78.7 per cent over the previous month and down 47.6 per cent over November 2014.

Further north in Edmonton, the impact of the oil crash on new building permits is much less pronounced given that the value fell by only 5.5 per cent over the month and 3.3 per cent over the course of the year. With $415 million worth in projects approved, Edmonton’s new building permits for November 2014 were significantly more than Calgary’s.

When the data is examined on a provincial basis, British Columbia is the only province to record an increase in building permits. There were gains in every construction sector, except with industrial buildings.