B.C.’s building permit values increased 130 per cent in February

Apr 4, 2022 | 4:02 PM

British Columbia lead the way in increasing the total value of building permits in February.

B.C.’s total value of building permits was $3.2-billion in February, up 130 per cent from the 1.39-billion in building permits in February. It also reflects a 73.2 per cent increase from the $1.8-billion from February of 2021.

The increase mainly came from the $1.89-billion in non-residential building permits, up 339 per cent monthly and 321 per cent annually.

Statistics Canada said the St.Paul’s Hospital project, valued at $1.5-billion, was a main contributor to that growth.

British Columbia also recorded $1.3-billion in residential building permits. That is up 36.7 per cent on a month-to-month basis, but is down 6.1 per cent compared to last February.

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The figures from Statistics Canada did not include Vernon, but did note that Kelowna brought in $68.7-million in building permits, down 2.6 per cent from January and 77.4 per cent from last February.

Vancouver had the highest gains in the listed metropolitan centres, increasing 190.4 per cent monthly and 127 per cent annually to $1.9-billion.

Canada, as a whole, saw the total value of building permits rise 21 per cent on a month-to-month basis to $12.4-billion in February, setting a new record high. The value was also 19.7 per cent higher than the figure recorded in February of 2021.

StatsCan noted that national construction intentions in the residential sector were up 9.8 per cent, while the non-residential sector rose 43.2 per cent.

by Liam Verster

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