Building activity is slowing across Greater Victoria.
According to Statistics Canada, the value of issued building permits in the region dropped almost 29 per cent from November to December 2018. In absolute numbers, the value of permits dropped to $91.1 million in December from $127.3 million in November. Year-to-year, the value of building permits dropped by 8.4 per cent from December 2017 to December 2018.
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Victoria’s drop stands in contrast to the national and provincial picture. Twenty-one of 36 census metropolitan areas recorded an increase, with Vancouver leading the way. British Columbia was also among six provinces with gains, leading all provinces with an increase of 22 per cent.
Overall, Canadian municipalities issued $8.8 billion worth of building permits in December, up six per cent from November and the fourth consecutive monthly increase. The gain was largely due to higher construction intentions for multi-family dwellings and commercial buildings, with both components hitting record highs, Statistics Canada notes.
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