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.
