Construction in Greater Victoria has slowed down year-to-year from January 2018 to January 2019 based on value of building permits. (Black Press File)

Value of building permits dropping across Greater Victoria

Slowdown comes amidst growing concerns about Canadian economy

Figures from Statistics Canada show the value and number of building permits in Greater Victoria have dropped by almost 29 per cent, from January 2018 to January 2019. Value-wise, they dropped to $110.2 million (January 2019) to $154.2 million (January 2018).

RELATED: Provincial real estate body warns of ‘cracks’ in Canadian economy in 2019

RELATED: COLUMN: Four questions on the B.C. economy in 2019

RELATED: Central bank holds rate, notes ‘increased uncertainty’ on timing of future hikes

Looking at January 2019 alone, Victoria recorded an increase that countered a larger decline across the province and the country. Five provinces saw the value of their building permits fall in January, with British Columbia reporting the largest decline as the the value of permits fell 24.3 per cent to $1.6 billion.

Looking at the national picture, Canadian municipalities issued $8.4 billion worth of building permits in January, down 5.5 per cent from the (national) record high in December.

While not necessarily indicative of a larger trend, these figures are likely to underscore concerns about the Canadian economy, which has slowed down.


Like us on Facebook and follow us on Twitter

wolfgang.depner@saanichnews.com

Just Posted

WATCH: Our Place Therapeutic Recovery Community turns into a ‘place of healing’

500 volunteers, 120 businesses worked to transform View Royal community

A party for 11 pups and their adoptive families in Beckwith Park in Saanich

The coonhound siblings reunited at a barbeque on Saturday

HarbourCats bats hot in home return

Victoria squad downs Yakima Valley Pippins 17-2

Victoria veteran receives French Legion of Honour, becoming knight of France

Ted Vaughan was a pilot in the 408 “Goose” Squadron in WW2

Witness the passion and fire of flamenco in Victoria this July

Seventh annual Victoria Flamenco Festival features free and ticketed performances downtown

Rich the Vegan scoots across Canada for the animals

Rich Adams is riding his push scooter across Canada to bring awareness to the dog meat trade in Asia

Canadian high school science courses behind on climate change, says UBC study

Researchers found performance on key areas varies by province and territory

Six inducted into BC Hockey Hall of Fame

The 26th ceremony in Penticton welcomed powerful figures both from on and off the ice

RCMP investigate two shootings in the Lower Mainland

Incidents happened in Surrey, with a victim being treated at Langley Memorial Hospital

CRA program to help poor file taxes yields noticeable bump in people helped

Extra money allows volunteer-driven clinics to operate year-round

Recall: Certain Pacific oysters may pose threat of paralytic shellfish poisoning

Consumers urged to either return affected packages or throw them out

How a Kamloops-born man helped put us on the moon

Jim Chamberlin did troubleshooting for the Apollo program, which led to its success

Sexual harassment complaints soaring amid ‘frat boy culture’ in Canada’s airline industry

‘It’s a #MeToo dumpster fire…and it’s exhausting for survivors’

Most Read