Build permits fell nearly 10 points in January

British Columbia saw a decline in building permit values in January 2023.

Statistics Canada reports B.C. brought in $1.7 billion in building permits in January, down 9.6 per cent from the $1.9 billion the month before.

However, that total was up 25.9 per cent on an annual basis.

The report noted residential build permits made up $1.1 billion of January’s total, while non-residential builds made up the remaining $654 million.

On a monthly basis, residential build permit values were down 21.3 per cent, but non-residential build permit values were up 20.8 per cent.

Additionally, residential build permit values were up 18.7 per cent on an annual basis, while non-residential values were up 40.2 per cent.

StatsCan did not report on Vernon build permit values, but did state Kelowna’s overall build permit value was $82,900,000 in January of 2023. That was down 25.7 per cent from December but up 4.9 per cent from January 2022.

B.C. was one of nine provinces and territories to report monthly declines in January 2023. Nunavut had the largest decrease at 100 per cent, followed by Prince Edward Island at 45.4 per cent, Newfoundland at 26.8 per cent, New Brunswick at 19.4 per cent, then Saskatchewan at 12.8 per cent. Quebec and Ontario also reported declines of 6.7 per cent and 0.9 per cent, respectively.

Northwest Territories recorded the highest monthly increase in build permit values at 166.3 per cent, followed by Manitoba at 6.7 per cent, Yukon at 6.6 per cent then Alberta’s 2.1 per cent growth.

In terms of dollar value, Ontario brought in the highest total of $4.2 billion in January 2023, followed by B.C., then Quebec’s $.1.7 billion.

Canada, as a whole, generated $9.7 billion in building permits in January of 2023. That was down four per cent from the previous month, and was also down five per cent on an annual basis.