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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Falling oak tree causes minor damage to Langford home

Tree damages garden and gutters of home on Lindsay Place

Saanich junior hockey team drops Braves name

Club moves on after 53-years with First Nations logo

The pandemic is widening Canada’s workplace gender gap

Gender pay gap is incentivizing fathers to work while mothers watch children, a new B.C. study has found

Greater Victoria Crime Stoppers wanted list for the week of July 7

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Would you get a vaccine for COVID-19 when it is available?

With the number of positive COVID-19 tests skyrocketing across much of the… Continue reading

Ex-Okanagan Mountie forfeits 20 days’ pay after sexual misconduct review

A former Vernon RCMP constable made sexual comments, grabbed genitals of male officer in two incidents 10 years ago

Man found dead on Okanagan trail identified as Hollywood actor

GoFundMe campaign launched for man found dead at summit of Spion Kop

3 people dead in Prince George motel fire

Fire personnel believe the blaze was suspicious although investigation in early stages

B.C. sets terms to review police, mental health, race relations

MLAs to recommend Police Act changes by May 2021

Feds announce $8.3M to deal with ‘ghost’ fishing gear in B.C. waters

Ghost gear accounts for up to 70 per cent of all macro-plastics in the ocean by weight

Most Read