Vancouver’s 2012 building permits outpaced 2011

As of November 2012, year-to-date construction intentions in the Vancouver Census Metropolitan Area (CMA) were up substantially over the previous year, according to the Vancouver ...

As of November 2012, year-to-date construction intentions in the Vancouver Census Metropolitan Area (CMA) were up substantially over the previous year, according to the Vancouver Regional Construction Association (VRCA)’s analysis of Statistics Canada data.

The organization found that as of November, the value of Vancouver CMA’s year-to-date building permits was up 26% from the same period of 2011 to $6.604 billion. It found a similar trend for the Lower Mainland-Southwest region, where year-to-date construction intentions as of November 2012 were up 22% over the previous year to $7.069 billion.

“With one reporting month left in 2012, this year may close as the best since the recession and since 2007,” said VRCA president Keith Sashaw.

“This is good news for the Lower Mainland-Southwest region, as building permits are a key economic indicator signaling investor confidence and a healthy economy, and construction activity resulting from building permits makes a significant contribution to economic activity in the region.”

jwagler@biv.com

@JennyWagler_BIV

comments powered by Disqus

Also Read

More From Real Estate

Most investors targeting Canada’s largest condo markets plan to hold onto their units for at least five years, according to a Canada Mortgage and Housing ...

Read Article

Residential investors planning to scoop distressed properties in Alberta will find slim pickings as... 

Read Article

Plunging mortgage rates, a tight inventory and parents willing to bankroll their kids are all factors pushing...

Read Article

Greater Vancouver and the Fraser Valley were responsible for the jump in unit sales and total dollar volume

Read Article

Subscribe to our mailing lists

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
×