Construction in Greater Victoria has slowed down year-to-year from January 2018 to January 2019 based on value of building permits. (Black Press File)

Value of building permits dropping across Greater Victoria

Slowdown comes amidst growing concerns about Canadian economy

Figures from Statistics Canada show the value and number of building permits in Greater Victoria have dropped by almost 29 per cent, from January 2018 to January 2019. Value-wise, they dropped to $110.2 million (January 2019) to $154.2 million (January 2018).

RELATED: Provincial real estate body warns of ‘cracks’ in Canadian economy in 2019

RELATED: COLUMN: Four questions on the B.C. economy in 2019

RELATED: Central bank holds rate, notes ‘increased uncertainty’ on timing of future hikes

Looking at January 2019 alone, Victoria recorded an increase that countered a larger decline across the province and the country. Five provinces saw the value of their building permits fall in January, with British Columbia reporting the largest decline as the the value of permits fell 24.3 per cent to $1.6 billion.

Looking at the national picture, Canadian municipalities issued $8.4 billion worth of building permits in January, down 5.5 per cent from the (national) record high in December.

While not necessarily indicative of a larger trend, these figures are likely to underscore concerns about the Canadian economy, which has slowed down.


Like us on Facebook and follow us on Twitter

wolfgang.depner@saanichnews.com

Just Posted

‘I’m just absolutely disgusted’: Husband furious after Const. Beckett’s killer gets day parole

Kenneth Fenton was sentenced to prison after he fatally struck Const. Sarah Beckett’s cruiser

Police investigating incident in Saanich neighbourhood

Neighbours tell Black Press Media that a body has been found, but police remain tight-lipped.

Panels proliferate in Victoria’s Commercial Alley Art Gallery

City artist Fern Long’s themed works will be on display through August 2020

Colwood man takes on Ride to Conquer Cancer for 11th year in a row

Team Finn has raised almost $3 million for BC Cancer Foundation

Langford lizard sighting excites Victoria museum curator

Curator of vertebrate zoology/knowledge explains the spread of the Wall lizard in the region

VIDEO: Langley Ribfest met with protesters

Groups that oppose the event for various reasons plan to be on site each of the three days.

Canadians killed in Afghanistan honoured during emotional dedication ceremony

One-hundred-fifty-eight Canadian soldiers died during the mission

It’s snow joke: Up to 30 cm of snow expected to fall in northeastern B.C.

Alaska Highway, Fort Nelson to be hit with August snowstorm, according to Environment Canada

Sea-to-Sky Gondola in B.C. likely out of commission until 2020

Sea to Sky Gondola carries between 1,500 and 3,000 people every day during the summer season

Helicopter-riding dog Mr. Bentley now featured on cans of new B.C.-made beer

Partial proceeds from every pack go to Children’s Wish

PHOTOS: Weapons seized at Portland right-wing rally, counterprotests

Not all who gathered Saturday were with right-wing groups or antifa

Ferries employees participating in Denman Island cleanup for plastic-shedding ferry

The cleanup comes a few weeks after one organized by residents of the Island

Discussion on grief and loss between Stephen Colbert, Anderson Cooper goes viral

The exchange includes emotional question from Cooper, and outlook on grief as a child

Toronto activist calling on federal parties to nominate more black candidates

Fewer than 20 black Canadians have been nominated so far, including some Liberal MPs seeking re-election

Most Read