Build permit values climb over 20 per cent in B.C.

Jul 5, 2022 | 11:30 AM

British Columbia saw massive gains in building permit values in May.

Statistics Canada reports B.C.’s total building permit value for that month was $2.54-billion, up 22.9 per cent from the $2.06-billion recorded in April.

The total provincial building permit values were also up 80.4 per cent annually in B.C.

British Columbia’s biggest contributor to the building permits in May were residential projects, which made up $1.68-billion of the permits, with non-residential builds covering the other $858-million.

Those figures represent a 9 per cent monthly increase and 85.5 per cent annual jump in residential build permits, and a 64.2 per cent monthly and 90.9 per cent annual increase in non-residential builds.

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The May figures from Stats Can did not include specific numbers for Vernon, but did show that build permit values in Kelowna were $211-million (up 75.9 per cent monthly and 51.6 per cent annually), while permit values in Kamloops were $25-million (down 55.7 per cent monthly).

B.C. had the third highest monthly increase in build permits in May after Yukon (481.3 per cent increase) and New Brunswick (24.6 per cent).

B.C. also had the second highest value in May build permits after Ontario ($4.87-billion).

B.C. and Ontario helped drive up the national value of building permits, which rose 2.3 per cent monthly to $12.06-billion.

B.C. and Ontario helped offset the decreases recorded in several provinces on a month-over-month basis.