Canadian Building Permits down in June
According to BCREA ECONOMICS NOW
Canadian Building Permits - August 7, 2012
Canadian building permits fell 2.5 per cent in June following a 7.1 per cent rise in May. The decline in permits was driven by falling non-residential permits as well a a drop in BC and Alberta residential permitting activity.
Construction intentions in BC fell 16 per cent from May. However, permitting volume remained strong at over $900 million, a 4 per cent increase from June 2011. Residential permits were 4 per cent lower than May, but 6 per cent higher than last June. Non-residential permits fell 35 per cent, though from a strong prior month. Year-over-year, non-residential permits were essentially flat.
Looking at BCs major metropolitan areas, permit activity was sharply lower month-over-month in Vancouver (down 20 per cent) and Victoria (down 47 per cent), flat in Kelowna, and up 54 per cent in Abbotsford.