BC Helped Push The Value of National Residential Permits to A Record Level

Under Real Estate

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January 11th, 2021

What happened : The value of BC residential building permits rose nearly 28% from October to November.

Why it matters : The gain was the largest in the country, and pushed the value of national residential permits to a record level.

An increase in BC building permit values helped set a new national record for residential real estate.

The value of residential permits in the province rose 27.8% from October to November – the largest increase in the country. That gain pushed the value of national residential permits to $6.4 billion (+10%), the highest monthly value on record.

Within BC’s residential sector, permits for multi-family dwellings saw significant gains. The total value of such permits rose 41.3% month-to-month.

According to the latest data from Statistics Canada, Greater Vancouver and Vancouver Island contributed most to that increase.

Permit values rose 13.3% in the Vancouver region, to nearly $783 million. In the capital region, values rose 22.2% to close to $113 million.

Overall, BC building permits climbed 17.4% on a monthly basis, to more than $1.47 billion.

BC Leads Country in Residential Permit Values by Hayley Woodin | BIV

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