According to recent findings, the value of permits issues for building in Metro Vancouver have gone up by an enormous forty-two percent from May to June. This increase comes almost wholly from permits issued for residential multi-family dwellings.
Statistics Canada reported this increase in Vancouver permits. Apparently the value of the permits for this area went up during these months from 370 million dollars to 529 million dollars.
This increase is reported to be just over seven percent from what was seen back in June of last year. And while the value is way up in the Metro Vancouver area, other areas are not fairing as well.
The federal agency also reported that Abbotsford saw a decrease in the value of permits over the same period. According to the report, Abbotsford’s metropolitan area permits dropped by a whopping eighty-two percent.
This decrease though stark, is offset by the fact that overall the value of permits in the Abbotsford area is up from the previous year. June of 2011 saw permits valued at a ninety-one percent increase from June 2010, which offers at least some good news.
In the Victoria area region, the value of permits for building was also up. The Statistics Canada report stated that Victoria saw permit values rise by seventeen percent.
While these numbers are nothing like the value of the permits issues in the Metro Vancouver region they are still suggestive of continued building in the area.
The Vancouver realtors feel the real estate market continues to be strong despite the economic uncertainty of recent weeks. With building permit values up and a continuous building boom, the market here shows no signs of slowing down just yet.