Non-Residential Values Fall
Residential spike pushes building permit values up in AbbotsfordFrom VRCA. Building permit values in Abbotsford jumped 115 per cent in March 2014 from February (seasonally adjusted), with soaring residential permit values offsetting a drop in non-residential values, according to Vancouver Regional Construction Association’s analysis of Statistics Canada Building Permit Report.
“March saw a dramatic spike in multi-unit residential permits, which will more than likely fall back to expected trend levels next month,” said Fiona Famulak, president of the Vancouver Regional Construction Association (VRCA). “While non-residential permits fell, mainly due to a drop in public permits, Abbotsford’s economy continues to exhibit sustained growth signs that point towards upcoming residential and non-residential investment in the medium term.”
Seasonally adjusted non-residential permit values fell 62 per cent to $2.6 million in March 2014 from $6.9 million in February. Commercial permits dropped to $1.2 million from $3.3 million, while industrial permits rebounded 161 per cent to 1.4 million from $0.6 million, and institutional-government permits fell to near zero from $3 million previously. The seasonally adjusted value of residential permits spiked 667 per cent to $18.3 million in March 2014 from February’s $2.8 million.
VRCA’s outlook for Abbotsford in 2014 is positive, with a gain in total building permits likely over 2013.
Regional Building Permit Highlights
- Seasonally adjusted total building permit values in the Abbotsford CMA jumped 115 per cent to $20.9 million in March 2014 compared to $9.7 million in February 2014.
- Non-residential permits fell 62 per cent to $2.6 million from $6.9 million.
- Residential building permits soared 667 per cent to $18.3 million from $2.8 million.
- Total building permit values in Abbotsford were 61 per cent higher to $50.7 million in the first three months of 2014 compared to $31.4 million in the same period last year.
- Non-residential permits were 139 per cent higher to $27.4 million compared to $11.5 million last year.
- Residential permits were 19 per cent higher to $22.2 million compared to $18.7 million last year.
- Total building permit values increased eight per cent in the Lower Mainland-Southwest region to $578.4 million in March 2014 compared to $537.1 million in February 2014.
With close to 700 members, VRCA is British Columbia’s largest and most inclusive regional construction association, representing union and non-union, general and trade contracting companies, manufacturers, suppliers and other professionals throughout the Lower Mainland from Hope to Whistler.