Following a rebound in October, building permit values in Abbotsford fell back in November due to decreases in all three categories of non-residential permits, according to Vancouver Regional Construction Association’s analysis of Statistics Canada Building Permit Report, released Monday.
Seasonally adjusted total building permit values in Abbotsford dropped 76 per cent in November to $6.4 million, down from $27 million in October. Non-residential permit values fell 92 per cent to $1.8 million from $22.3 million in October. The value of residential permits remained largely unchanged, rising to $4.7 million from October’s $4.5 million.
“The permit value fluctuations in the past two months have been on the non-residential side, with residential permit values holding steady,” said Keith Sashaw, president of the VRCA. “Large monthly swings are not uncommon in smaller markets like Abbotsford.”
Year-to-date total permit values were 77 per cent higher to $259.1 million in the first 11 months of the year compared to $146.7 million in the same period last year. Non-residential permits were 217 per cent higher to $172.3 million, while residential permits were down five per cent to $80.3 million.
“While fewer permits will likely be issued in 2012 as the Mt. Lehman interchange project boosted the 2011 numbers, the expected decline in 2012 permits should be seen in that light rather than a sign of market weakness” said Sashaw. “We expect permits in 2011 to come in about 80 per cent higher than 2010, making it two consecutive annual gains.”