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Nov 8, 2023
, BNN Bloomberg
New data from Statistics Canada shows British Columbia is leading the provinces when it comes to the rising value of residential construction permits.
The report shows the value of residential permits climbed 37.2 per cent for September compared to August as the value in the province climbed to $1.48 billion. The value is also up eight per cent compared to a year ago.
The data also shows that 77.3 per cent of the added value comes from projects in Vancouver, Kelowna and Victoria, as the three cities represent 79.9 per cent of the new housing projects authorized in the province last month.
Newfoundland and Labrador, Prince Edward Island and Nova Scotia each also saw more than 10 per cent gains in permit value for the month.
NEW HOUSING PERMITS
Overall, Canada added permits for 21,700 new housing units for the month and 64,400 in the third quarter. Permit value climbed 3.4 per cent in the quarter, according to StatCan.
The figures come as the federal government pushes for more housing construction to offset affordability issues in the sector, including cutting the GST on new rental builds and plans to convert some federal property into 29,200 new homes by 2029.
A 2022 report from the Canada Mortgage and Housing Corporation found Canada must add 5.8 million new homes between 2021 and 2030 to achieve affordability.
When it comes to non-residential properties, the total value fell 21 per cent to $4 billion from August to September, but climbed 18.7 per cent compared to a year ago. The total value also climbed 7.3 per cent in the third quarter.
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