Residential construction is booming in Canada, despite the pandemic

Residential construction is booming in Canada, despite the pandemic
Residential construction is booming in Canada, despite the pandemic

It was a record year for the value of residential building permits in nearly every province in Canada in 2020, despite early concerns that the pandemic would devalue house prices and slow construction.

British Columbia led the pack with a 27.8% increase in the value of residential building permits in November compared to September, according to recent Statistics Canada data. Across the country, their value rose 10% in November to a total of $ 6.4 billion from September.

The data shows the seasonally adjusted value of building permits and not the actual housing starts or the number of units which is the estimated cost of completing the project. All provinces except Nova Scotia and Prince Edward Island posted monthly increases in the value of residential building permits.

Statistics Canada economist Michael Straw says a few large projects in Vancouver and Vancouver Island helped push the data forward in favor of British Columbia in November, including a $ 25 million apartment complex. dollars in Surrey and a 23 million dollars complex in East Vancouver.

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Ontario is also showing strength in this sector, with near-record highs in the past four months.

Unlike Ontario and Quebec, British Columbia has never closed the construction industry to mitigate the spread of COVID-19.

With information from Maryse Zeidler

[ source link ]
https://ici.radio-canada.ca/nouvelle/1762055/immobilier-permis-batir-vancouver-ontario

#Residential #construction #booming #Canada #pandemic

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