Big drop in Vancouver-area building permits

By

VANCOUVER (NEWS1130) – Vancouver and BC overall had a big drop in construction intentions in May.

The latest figures from Statistics Canada show a 29 per cent drop in Vancouver-area building permits compared to a year earlier, for a total of $556 million.

StatsCan says “multi-family dwellings were responsible for the decline.”

Across BC, permits for residential work were down 10 per cent, while non-residential permits sank 46 per cent.

Nationwide, $7.3 billion-worth of permits were issued in May, up 3.4 per cent from a year earlier. One factor was a jump in Toronto condo permits, another warning sign about the city’s overbuilt market.

Top Stories

Top Stories

Most Watched Today