Building permits in British Columbia down $1.3B
Building permits value have gone down in the province of British Columbia by $1.3 billion dollars in the month of June.
That's a decline of 7.8 per cent among all building types — residential, non-residential and industrial buildings, according to Statistics Canada.
While single family dwellings have gone up in building permits, multi-family units like semi attached houses, apartments and condominiums have decreased, creating a bigger market for single family homes and compelling residents to look at alternative dwellings.
Single family dwellings in all of Canada have gone up by four per cent or $2.6 billion in June of 2024.
With the housing crisis Canada is currently experiencing, a rise in single family homes and a decrease in multi-family dwellings may result in further issues including more expensive housing alternatives.
According to statistics Canada there are over 1.7 million residential properties in British Columbia. Overall, currently 3.8 per cent of properties owned in Canada are owned by non-residents while 96.2 per cent are owned by residents.
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