Permit values hold steady

Building permit values in the Lower Mainland-Southwest region held steady in August and are up year-to-date, according to Vancouver Regional Construction Association’s analysis of the latest Statistics Canada building permit report released earlier this month.

“Building permit values in the Lower Mainland-Southwest region held fairly steady in August compared to July,” says Keith Sashaw, president of the Vancouver Regional Construction Association.

Total building permit values in the region edged up four per cent to $600.8 million in August from $577.7 million in July 2011. Non-residential permit values fell back 29 per cent to $163 million from $229.3 million during the same period, while the value of residential permits rose 26 per cent to $437.9 million from $348.4 million.

“Overall, building permit values in the Lower Mainland-Southwest region were up eight per cent this year compared to last year,” says Sashaw.  “This reinforces confidence in the local economy and the overall growth underway.”

Total building permit values in the Lower Mainland-Southwest region rose eight per cent to $4.23 billion in the first eight months of this year compared to $3.92 billion in the same period last year. Non-residential permits were up 23 per cent to $1.41 billion from $1.15 billion. Residential permit values rose to $2.82 billion, up two per cent.

“We aren’t concerned about the monthly declines in non-residential permits; the August drop-off in commercial permits following a substantial jump in July was the main reason behind the decline,” says Sashaw. “Monthly volatility is a strong feature of building permits and total non-residential permits were 23 per cent higher in the first eight months of this year compared to the same period last year.”

“While Metro Vancouver permit activity slipped in August, the commercial real estate sector is coming alive with more investment in office towers in downtown Vancouver,” says Sashaw. “These projects have yet to appear in building permits.”

Gains in Metro Vancouver’s industrial permits are also a sign of an improving market, says VRCA. Industrial permits are on track for a substantial rise this year and the first annual increase since 2006.

Seasonally adjusted total building permits in Metro Vancouver slipped five per cent to $494.1 million seasonally adjusted in August 2011 compared to $519.7 million in July.

Just Posted

United voice calls for more senior services in Aldergrove

‘The people here deserve more’ says founder of the local Seniors Resource Fair

Aldergrove’s water park opens to public at discounted rates

Though the pool remains closed, the Township has decided to charge a toonie for admission

Fraser Valley pup trained in Aldergrove co-stars in A Dog’s Journey

Film premiers this weekend, starting Friday in Canadian theatres

Homeless woman unsuccessful in lawsuit against government

A Langley homeless woman tried to sue Victoria and Ottawa

Sea of purple showed support for Langley school’s ALS fundraiser

Students and staff were inspired to fundraise by the plight of a teacher living with ALS.

Jeep totalled, four young people in hospital, after single-vehicle crash in Surrey

Mounties have not ruled out any possible factors in what led to the overnight crash

Update: Mother dead, child in critical condition after carbon monoxide poisoning at Shuswap campground

The woman was found unresponsive insider her tent and the youth was taken via air ambulance to hospital

Kelowna RCMP interrogation video brings home reality in ‘visceral way’: former TRC chairman

Video of Mountie interrogating young Indigenous woman disclosing sexual abuse under fire

Canada’s parole officers say correctional system has reached breaking point

About half of Canada’s federal parole officers work inside penitentiaries and correctional institutions

Montreal researchers create audible hockey puck for visually impaired players

Three years ago, Gilles Ouellet came up with the idea for a puck that makes a continuous sound

Cloverdale Rodeo competition promises to be a ‘nail-biter’ this weekend

New challengers giving returning champions a run for their money

Former B.C. Greyhound bus drivers head to Penticton for goodbye party

Big bash runs until Sunday, funded by drink cans left behind on busses over the years

Boy, 12, arrested after allegedly pulling a knife on another child at a Surrey park

The child was later released into his parents’ custody as Surrey RCMP continue their investigation

Full-scale search underway for missing kayaker on Okanagan Lake

Kelowna Paddle Centre member Zygmunt Janiewicz, 71, failed to return from his ‘daily kayak’ on the lake

Most Read