VANCOUVER (NEWS1130) - BC and particularly Vancouver led the country with a sharp drop in construction applications. The value of building permits in this province fell by 43 per cent in November from the previous month and 15 per cent from a year earlier. The drop comes as fewer permits for condo projects were issued.
Metro Vancouver fell 60 per cent from October to $338 million of building permits. Vancouver Regional Construction Association president Keith Sashaw thinks the decline is a one-off. "Overall the trend line that we're seeing is the industry is coming back into the recovery phase."
Sashaw admits the numbers represent quite a significant decline. "However, this is off a 15-month steady increase in building permit activity since about March of 2009."
Across the country, building permits were 11 per cent lower in November from October.