Building permits are down across the province, led by a steep decline in Vancouver numbers according to figures released August 8 by Statistics Canada.
The slowing of permits is part of a national trend in which municipalities issued 5.5% fewer building permits in June than May.
Vancouver had the biggest drop in permits of any census metropolis area in Canada, with the total value falling 25.2% to $580 million in June. This was also a 20% drop in comparison to June of 2015. The drop was largely due to lower construction numbers for multi-family dwellings and commercial buildings.
The Real Estate Board of Greater Vancouver (REBGV) released figures last week showing home sales dipping below the 4,000 sales mark in July for the first time since January. REBGV president Dan Morrison said home sales activity has shown signs of “moderating.”
“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Morrison noted in a release. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.”