Value of new building permits dropped by almost 30 per cent across Greater Victoria between November 2019 and November 2018 (Black Press Media File)

Value of new building permits in Greater Victoria down almost 30 per cent

Year-to-year drop of 27.9 per cent consistent with other figures

New figures confirm construction is slowing down in the Greater Victoria region.

The value of new building permits in the Victoria Census Metropolitan Area (CMAs) dropped 27.9 per cent during the 12 months between November 2018 and November 2019.

Whereas municipalities issued new building permits worth $121.9 million in November 2018, the value of those permits reached just $87.9 million.

Among the four CMAs in B.C., Victoria recorded the second-largest drop, behind Vancouver CMA where new building permits dropped 42.1 per cent. Kelowna recorded a drop of 16.6 per cent, while Abbotsford-Mission recorded an increase of 94.1. Looking across Canada, new building permits dropped by 8.6 per cent for Canadian CMAs as whole, meaning that Victoria’s drop was worse than elsewhere.

RELATED: Housing starts, value of building permits down across Greater Victoria

The drop is consistent with other figures that have shown declining construction activity across the region and growing concerns about the state of the provincial economy, especially in the resource sector. This said, the provincial economy has also seen some positives. Changes to mortgage lending rules dating back three years with minor revisions along the way coupled with what some are uncertainty-causing municipal rules are also likely culprits for the slow-down.

Preliminary housing data from Canada Mortgage and Housing Corporation (CHMC) shows new construction starts in Greater Victoria dropped seven per cent between January and November 2019 compared to the same period in 2018. The drop happened across all types of buildings with starts for single family homes dropping 23 per cent, and a combined three per cent for all other types.

Experts, however, have noted that construction is slowing down after years of historic growth. This said, the slow-down has been especially notable in British Columbia, where the value of new building permits dropped 24.3 per cent year-to-year, the third-largest among the 10 provinces, with the national rate dropping 2.7 per cent.


Like us on Facebook and follow @wolfgang_depner

wolfgang.depner@peninsulanewsreview.com

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

Just Posted

Conflict expert explains how to talk to people who aren’t social distancing

Approach the conversation with empathy says conflict expert

COVID-19: Managing your mental health from isolation

Ministry of Mental Health, Addictions recommends numerous strategies for self-care during pandemic

Saanich moves forward with summer camp registration despite COVID-19

District to give full refunds if camps are cancelled

Sunday morning fire damages Victoria gas station

The fire on Fairfield Road caused $75,000 in estimated damages to tires and automotive equipment

‘Better days will return’: Queen Elizabeth delivers message amid COVID-19 pandemic

The Queen said crisis reminds her of her first address during World War II in 1940

Emergency aid portal opens Monday, cash could be in bank accounts by end of week: Trudeau

Emergency benefit will provide $2,000 a month for those who have lost their income due to COVID-19

Education, not enforcement: B.C. bylaw officers keeping a watch on physical distancing

A kind word, it turns out, has usually been all people need to hear

COVID-19: Hospitals remain safe for childbirth, say Vancouver Island care providers

North Island Hospital has been asked to share its perinatal COVID-19 response plan

Canadian cadets to mark 103rd anniversary of Vimy Ridge April 9 virtually

Idea of Captain Billie Sheridan in Williams Lake, B.C. who wondered what to do in times of COVID-19

B.C. VIEWS: Pandemic shows need for adequate care home staffing

Seniors in B.C. care homes face challenging times

QUIZ: How much do you know about hockey?

Take this test and find out how well you know Canada’s most popular winter sport

Researchers look at humidity as a weapon in the fight against airborne viruses

Regular hand washing, physical distancing and PPE for health care workers remains best line of defense

Most Read