Canadian Building Permits - February 2017
As per the most recent BC REA Economics Now Update, it appears that construction intentions are cooling off significantly in BC's biggest markets... but have no fear! We may see fewer new builds popping up this year, but the Kamloops real estate market is getting hotter and hotter by the day! The low inventory that we are seeing in Kamloops and the surrounding area means that new listings are selling very quickly and at extremely competitive prices.
Have a read below for the numbers behind the BC REA news release:
The total value of Canadian building permits decreased 6.6 % from November to December, the result of declining permit activity across all commercial and residential sectors. In BC, permit values slowed substantially, perhaps suggesting a slowdown in construction intentions in the coming year. The total value of permits fell 23.5 % on a monthly basis and 26.5 % year-over-year. Residential permits were down close to 27 % on both a monthly and annual basis while non-residential permits were down 8 % on a monthly basis and 27 % year-over-year.
Construction intentions were mixed across BC's four census metropolitan areas (CMA)...
- Permits in the Abbotsford-Mission CMA increased 133 % from October to November but were down 67 % year-over-year.
- The Vancouver CMA posted the largest monthly decline in permits in the country, down 35 % on a monthly and annual basis.
- The Victoria CMA saw permit values increase 22 % on a monthly basis and a 25 % decline year-over-year.
- In the Kelowna CMA, permits rose 2 % on a monthly basis and 121 % year-over-year.
As mentioned above, don't let this decline in building permits dash your hopes! The real estate market in our lovely city is still alive, well, and getting better! Call us today for a FREE home evaluation and find out how you can succeed in this market!
River City Realty - Team Cavaliere