Building permit value skyrockets in Greater Victoria – Saanich News

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As the value of building permits fell almost 4% to a total of $ 9.9 billion in Canada as a whole, the value of permits in the census metropolitan area (CMA) of Victoria has increased by almost by 27% to reach some 202 million dollars. (Photo from Black Press Media file)

The value of building permits soars in Greater Victoria

Greater Victoria building permits value increases 27% as Canada as a whole drops 4%

Greater Victoria goes against a national construction trend.

While the value of building permits fell almost 4% to $ 9.9 billion for Canada as a whole, the value of permits in the census metropolitan area (CMA) of Victoria increased by almost 27 % to reach some $ 202 million, according to Statistics Canada.

The increase looks even more impressive in a year-over-year comparison, as building permits rose 56.4% in July 2021 compared to July 2020.

Greater Victoria recorded 617 new housing starts, an increase of 72.3% from the previous month. But completions are down nearly 80 percent, indicating the well-documented mismatch between supply and demand for housing in the region.

Unsurprisingly, Greater Victoria ranks third among Canadian CMAs according to the New Housing Price Index, which measures the evolution over time of contractors’ selling prices for new residential houses (single-detached, semi-detached and townhouses).


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