Statistics Canada figures for December 2016 real estate construction permit values in B.C. were down 26.5 per cent over 2015. Overall values dropped 23.5 per cent since November.
The December decrease follows two consecutive months of rising permit values in the province. Building permit values in December totaled $959.4 million, versus $1,284.5 million in November.
Vancouver had the largest decline of any other metropolitan city in Canada, falling 35.2 per cent to $568 million in December from $899 million in November. Statistics Canada attributed the steep decrease to less permit applications for multi-family developments.
Edmonton posted the second-largest decrease, with permit values dropping from $627 million to $332 million. Calgary, Regina and Winnipeg were the only cities in Western Canada to post a slight increase in values.
Across the country, commercial buildings posted a bigger decline in value than residential dwellings. This was the second-consecutive monthly decrease in non-residential values in the country. Statistic Canada reports there were less construction intent in December for retail, wholesale and warehouse outlets. Industrial permits also fell 9.3% to $366 million.
Municipalities issued a total of $30.4 billion in building permits for commercial structures across Canada in 2016, down 4.4 per cent from 2015.
