Metro Vancouver building permits leap 131% in April
New Statistics Canada data cites changes in regional development costs for the burst of building permits this April
Copyright © Western Investor
Planned changes to Metro Vancouver development costs this past May pushed April building permit values to new heights.
The region issued $1.8 billion in permits this April, up nearly 88 per cent month-to-month and up 131 per cent year-over-year.
In its data release, Statistics Canada said the increase was tied to developers getting ahead of the first cost changes in Metro Vancouver since 1997.
The activity meant B.C. nearly doubled its previous record for residential permits. At $2.2 billion for the month of April, residential permits across the province – primarily for multi-family buildings – rose 138 per cent over March, and by nearly 126 per cent over April 2018.
Helped by Metro Vancouver, Canadian municipalities issued a record $9.3 billion in permits, up 15 per cent or $1.2 billion from March.
It is the largest increase since May 2007, according to Statistics Canada. British Columbia accounted for most of the gain.