The total value of building permits in Vancouver dropped by 60% in November, relative to the previous month, and by 43% in B.C, according to a Statistics Canada report released Monday.
In Vancouver, permit numbers dropped across both residential and non-residential sectors in November; a decrease in multi-family dwelling permits accounted for 70% of the total drop in the city. The municipality’s total permit value dropped to $486 million from $853 million the month prior, amounting to a 30% year-over-year drop.
Victoria and Abbortsford-Mission registered increases, with Victoria’s permit value rising to $69 million, up 89% from the previous month, and Abbotsford-Mission’s permit total rising by 76% to $12.6 million in the same period.
Statistics Canada noted that nationally, contractors took out $5.5 billion in building permits in November, a decrease of 11% relative to the previous month, and a 10 % decrease year over year. It attributes the decline principally to the decrease in multi-family dwelling permits in B.C., plus a decrease in commercial buildings in Ontario.
A decrease in single- and multi-family dwelling permits in B.C. dragged national residential permit numbers down by 7% to $3.2 billion – the second consecutive national monthly decline.
Nationally, the total value of permits decreased in seven provinces, led by B.C., Ontario, and Newfoundland and Labrador, while Quebec experienced the largest gain.
Across the country, total permit values fell in 19 out of 34 census metropolitan areas, led by Vancouver, Toronto and St. John’s, while Montreal and Gatineau experienced gains.