In Canada, the total value of building permits taken out by developers jumped in April, and B.C. is leading the way. In fact, Vancouver is on target to set a new record.
The home construction industry in B.C. employs more than 80,000 people and pays around $4.3 billion in wages. When the industry is booming, as it is in Metro Vancouver these days, cranes dotting the skyline are the first indication the economy is heating up.
After a slump last year, the number of building permits issued in Canada in April is up 10.5 per cent and Metro Vancouver is leading the country.
“It shows Vancouver’s economy is really strong right now,” said Mayor Gregor Robertson. “We’ve seen a great rebound from recession numbers and a record high of building permits issued. That is great news for our city.”
The intentions of developers to seek permits for residential construction is also up 21 per cent. Those permits and multi-family buildings will drive our economy in the months ahead.
Christopher Vallan, vice president at Rize Alliance, said business is booming.
“We have five properties, over 700 homes under development right now and another 1,300 in planning, so we are pretty positive about the economy and Metro Vancouver in general,” Vallan said.
But this market is different from the one driven by foreign investors six years ago. These days, local Canadians who want to live here are buying.
Over the last two months, Vancouver, Surrey, Burnaby and Richmond have issued close to 500 permits for residential development, half of which are in Vancouver.
“We’re seeing unprecedented numbers and at the same time I think the quality of life, the feel of the city is still very good,” said Robertson.
The number of building permits has been rising for four months now and for the first time in decades rental high rises are going up in Vancouver, a further indication the economy is improving.
With files from Brian Coxford
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