The value of building permits in the Victoria Census Metropolitian Area (CMA) has declined by a considerable margin.
According to Statistics Canada, the value of building permits dropped 21 per cent from March 2019 to April 2019. Year-to-year, the drop has been even more significant, decreasing more than 27 per cent.
Local municipal officials in Greater Victoria issued building permits worth $82 million in March 2019, down from $103 million.
The regional decline contrasts with provincial and national increases. Nationally, the value of permits was up $1.2 billion in April, the largest increase since May 2007, with British Columbia accounting for most of the gain.
Overall, municipalities in British Columbia issued $2.2 billion worth of residential permits in April, almost doubling the previous record set in June 2018. Vancouver’s CMA drove much of this increase, as developers were trying to beat increases in development cost charges. New development permits for multi-family dwelling permits alone added up to $880 million.