Great value can be found in building projects given that B.C. has such a sluggish construction market, according to Philip Hochstein, president of the Independent Contractors and Businesses Association of B.C. (ICBABC).
Statistics Canada revealed March 7 that the value of building permits fell unexpectedly in January as both residential and non-residential activity weakened across Canada.
B.C. homebuilding gained traction, but the number of building permits issued for non-residential projects plunged.
The value of residential B.C. building permits issued in January 2011 was up 20.7% compared with December 2010. January’s non-residential building permits issued in B.C., however, plummeted 48.4% compared with December.
“Prices aren’t going to get any lower in the construction sector – and indications are prices will start rising by the end of the year,” Hochstein said. “There’s a small window to get in before prices begin to rise again.”
Hochstein explained that stimulus projects are permitted and under way to meet the October 31 deadline later this year. He said they lifted the value of permits issued in previous months.