While the value of building permits rose 20.9% nationally to $6.4 billion in May, both B.C. and Vancouver saw building permit values fall, according to figures released this morning by Statistics Canada.
In May, the total value of B.C.’s building permits dropped 4.3% to $803 million compared with the previous month. The provincial decline was led by a drop in residential building intentions, which fell 14.4% for the month and 5.8% year over year.
Vancouver’s building permits decreased 26.9% to $369.5 million in May for a year-over-year drop of 16.7%. Also in May, Kelowna’s building intentions fell 9.6% to $24.3 million, for an 18.6% year-over-year drop.
In Victoria, however, the value of building permits increased by 42.7% in May to $76.2 milion, for a 21.7% year-over-year increase.
Across Canada, the total value of permits rose in 19 or 34 metropolitan areas, with Montreal posting by far the biggest gains, followed by Toronto and Edmonton.
Six provinces posted gains in the value of their building permits in May, led by Ontario and Quebec.
Jenny Wagler
Twitter:JennyWagler_BIV