Residential building permits set new record in Metro Vancouver

Posted on September 9th, 2015

Metro Vancouver municipalities issued $1.027 million worth of building permits in July 2015, an increase of 33% from the $774 million in permits in June 2015.

Residential permits set a new record high in July, increasing at $815.6 million exceeding the earlier record this year in March which saw $662.8 million in permits recorded.

Institutional-government rose 48% to $50.7 million, while commercial permits declined 14% and industrial permits fell 73%.

“Record highs in residential permits set this year are a good indication of the strength of the local housing market and our growing economy,” said Andrew Peck, vice-president and general manager Royal Pacific realty Group.

 

Building Permits Issued – Metro Vancouver

  Total Non-Residential Permits Residential Permits
Period Permits Total Industrial Commercial Inst.-Govt. Value Units
  (Dollars – Thousands)  
Jun-15 773,991 239,574 25,202 180,055 34,317 534,417 2,407
Jul-15 1,027,082 211,532 6,743 154,059 50,730 815,550 2,733
% change 33 -12 -73 -14 48 53 14
 
Jul-14 748,461 191,109 22,023 139,682 29,404 557,352 2,256
Jul-15 1,027,082 211,532 6,743 154,059 50,730 815,550 2,733
% change 37 11 -69 10 73 46 21
 
Jan-Jul-14 3,843,823 1,137,401 96,385 833,470 207,546 2,706,422 10,945
Jan-Jul-15 5,118,183 1,376,265 125,022 949,156 302,087 3,741,918 14,762
% change 33 21 30 14 46 38 35
Source of data: Statistics Canada

Residential Building Permits, July 2015

For information contact Andrew Peck, vice-president and general manager, Royal Pacific Realty Group @ apeck@royalpacific.com.
Andrew is away travelling on business.