Commercial Building Permits Dip
While building permits across Metro Vancouver hit the highest levels since summer 2012—driven by a sharp increase in multi-unit residential permits—the region’s commercial sector experienced a decrease. New figures from Statistics Canada show commercial permits dropped by 4% (to $151M) compared to the same period last year. Industrial permits fared better, jumping 148% to $23.8M.
Vancouver Regional Construction Association president Fiona Famulak notes that the launch of construction on the Tsawwassen Mills (rendered above) and Tsawwassen Commons mega-mall projects will improve the situation some for commercial permitting, but that a market-wide investment resurgence in further commercial real estate is "not likely” until the economy picks up pace.
