Real Estate blog by Marcela Giuffre

Building permits decline in August; reversing the trend

I came across this interesting article about building permits decrease. 

Following three months of double-digit increases in the number of building permits issues by municipalities across Canada there was a drop in August. According to the latest data release from Statistics Canada the decline was mainly the result of lower construction intentions for non-residential buildings in Quebec and residential buildings in Ontario. After five consecutive monthly advances, the total value of permits in the residential sector declined 15.9 per cent in August to $4.2 billion. The largest decreases were registered in Ontario, followed by British Columbia and the Atlantic provinces. Gains were recorded in four provinces, led by Alberta. Building permits for multi-family dwellings decreased 28.6 per cent in August to $1.8 billion, following a 42.8 per cent increase in July. Decreases were reported in six provinces, led by Ontario, with British Columbia a distant second. Alberta and Saskatchewan registered the largest increases. Multi-family dwellings saw the biggest downturn, dipping 28.6 per cent after an increase of more than 40 per cent in July. In the non-residential sector, the total value of building permits decreased 40.6 per cent to $2.5 billion in August, following four consecutive monthly gains. Lower construction intentions were posted in seven provinces, with Quebec contributing most to the national decline. ( Source:http://www.canadianrealestatemagazine.ca/news/daily-market-update-185063.aspx

Marcela Giuffre, Realtor North Shore, Lonsdale realtor, West Vancouver Realtor, North Vancouver Realtor, Lynn Valley Realtor, Condos for sale in North Vancouver, Condos for sale in West Vancouver, Houses for sale in West Vancouver, Houses for sale in North Vancouver

There is positive outlook on housing in 2015 based on CMHC figures. 

Construction next year should be pretty much in line with 2014 according to new figures from the CMHC. “The trend for housing starts has been up in recent months, particularly in multi-unit structures. This has been broadly supported by key factors such as employment, disposable income and net migration, which are expected to continue to be supportive of the Canadian housing market over the 2014-2016 forecast horizon,” said Bob Dugan, Chief Economist for CMHC. The building of condos is likely to moderate during the early part of next year but that will be offset by an uptick in new single-unit starts. The agency predicts that there will be more general moderation in 2016 assuming economic conditions stay roughly in line with expectations. (Source: http://www.canadianrealestatemagazine.ca/news/daily-market-update-185063.aspx)

Marcela Giuffre, Realtor North Shore, Lonsdale realtor, West Vancouver Realtor, North Vancouver Realtor, Lynn Valley Realtor, Condos for sale in North Vancouver, Condos for sale in West Vancouver, Houses for sale in West Vancouver, Houses for sale in North Vancouver