B.C. leads country in residential permit values

The province helped push the value of national residential permits to a record level, according to Statistics Canada

B.C. building permits rose 17.4% in November on a monthly basis, led by residential gains | Getty Images

What happened: The value of B.C. residential building permits rose nearly 28% from October to November.

Why it matters: The gain was the largest in the country, and pushed the value of national residential permits to a record level.

An increase in B.C. building permit values helped set a new national record for residential real estate.

The value of residential permits in the province rose 27.8% from October to November – the largest increase in the country. That gain pushed the value of national residential permits to $6.4 billion (+10%), the highest monthly value on record. 

Within B.C.'s residential sector, permits for multi-family dwellings saw significant gains. The total value of such permits rose 41.3% month-to-month. 

According to the latest data from Statistics Canada, Greater Vancouver and Vancouver Island contributed most to that increase.

Permit values rose 13.3% in the Vancouver region, to nearly $783 million. In the capital region, values rose 22.2% to close to $113 million.

Overall, B.C. building permits climbed 17.4% on a monthly basis, to more than $1.47 billion.

hwoodin@biv.com

@hayleywoodin