Building permit values for residential and non-residential construction in B.C. declined by 2.9 per cent in January, according to Statistics Canada data released Thursday.
Much of the decline was driven by monthly institutional and governmental building permit values in B.C., falling 56 per last month to land at $106.8 million. Compared to a year earlier in January 2024, institutional and governmental building permit values fell by 55 per cent in B.C.
Jock Finlayson, chief economist of the Independent Contractors and Businesses Association, cautioned that this category of building permits can fluctuate significantly, but said the overall slowdown points to uncertainty in the marketplace.
"With the environment we're in, I think permits are going to remain pretty soggy going forward, because of the brewing U.S.-Canada trade war and a lot of uncertainty in terms of what it means for businesses, households and workers," he said.
"In an environment of uncertainty and risk, investment is likely to be weak, and that affects the permits that are issued. The overall softness of permits right across the country is worth paying attention to."
Building permit “values” represent the estimated cost of proposed construction work, and are used by municipalities to determine the fees charged to project proponents.
