The value of permits issued for commercial buildings in B.C. has never been higher.
New commercial permits topped $564 million in November, a 130 per cent increase over October, according to Statistics Canada. The agency reported that a $240-million permit for a new office tower in the Greater Vancouver region contributed most to the gain.
Total non-residential permits – which include commercial, institutional and industrial developments – reached nearly $742 million, a 75 per cent increase over the month before.
B.C. accounted for most of the national increase in non-residential building permit values, which rose 11.6 per cent in November to $3.3 billion.
Not all B.C. values rose.
Month to month, the value of permits for residential buildings fell 27 per cent to $893 million. The decline was driven primarily by a drop in permit values for single-family dwellings, which fell 30 per cent.
Victoria and Vancouver saw the third and fourth largest year-over-year gains for total permit values.
In Victoria, November values rose 72.6 per cent over 2017. In Vancouver, they were up 63.4 per cent.
Both regions were behind only Quebec, where values rose 177.3 per cent, and Brantford, where values increased by 158.2 per cent.
In total, Canadian municipalities issued $8.3 billion in building permits in November, up 2.6 per cent from October and 6.6 per cent over 2017.
– Hayley Woodin, Business in Vancouver