Building Permits in Metro Vancouver continue to hold – January 2013
Building permits are a key economic indicator and a sign of investor confidence and a growing economy. Construction activity resulting from building permits contributes to economic activity throughout the Metro Vancouver region.
Royal Pacific Realty Group reports that in November 2012 (most recent data), total building permit values (residential and non-residential) decreased by 16% to $549.7 million from $655.4 million in November 2011.
Non-residential permits decreased 11% to $186.2 million from $208.4 million last year.
- Commercial permits were 67% higher than last year.
- Industrial permits were 61% lower.
- Institutional-government permits were 42% lower.
Residential Permit values were 19% lower than last year at $363.8 million compared to $447.0 million one year ago.
What does this mean?
“November permits are below the levels seen in the prior five months,” says Andrew Peck, Royal Pacific Realty Group vice-president and general manager.
“But, this is fairly typical for this time of year and we think the market will gain strength in the coming year.”
As well, with one reporting month (December) left in the eyar, 2012 is looking as though it may turn out to be the best year since 2007.
If you have any real estate questions or if you are thinking of buying or selling your home, please contact James Louie Chung, Greater Vancouver REALTOR® – Real Estate Agent at [email protected] or call / text ( 6 0 4 ) 7 1 9 – 6 3 2 8 today!