Building permit values hit all-time record as Vancouver’s economic growth continues

January 13, 2016 | Jobs and the Economy

Building permits issued by the City of Vancouver in 2015 hit a value of $3.2 billion, marking an all-time record in Vancouver’s growing economy. 

“Vancouver is continuing to lead Canada in economic growth, and record values for new construction investment are further validation of our work together to create jobs and build an even better city,” said Mayor Gregor Robertson. “Whether it’s the record-setting pace for new rental housing and new office construction, or unprecedented growth in innovative sectors such as clean technology, there’s never been so much reason for optimism about the future of Vancouver’s economy.”

Building permit values of $3,239,563,940 in 2015 represent an increase of:

  • 14.6 per cent from 2014
  • 105 per cent from 2008 

Key developments that contributed to the 2015 increase (listing construction value of projects and the associated public benefits) include:

Address

Project Name

Public Benefits

1480 Howe St – 52-storey High Rise

($279,000,000)

 

Vancouver House

  • 98 secured market rental units
  • public realm improvements
  • cultural contribution
  • public art

520 E. 1st Av – Emily Carr University

($80,000,000)

 

Emily Carr University

  • new 265,000 sq.ft. four-storey school for the Emily Carr University of  Art and Design
  • public art

8199 Cambie St – 2 towers; 349 dwelling units ($74,835,000)

 

Northwest

  • 37-space childcare facility co-located with a new 4,500 sq.ft. neighbourhood “family place” to be built and conveyed to city
  • public art

933 E. Hastings (Strathcona Village) – mixed use; 350 dwelling units

($58,000,000)

Strathcona Village

  • 70 units of in-kind social housing to be built by developer and conveyed to the City
  • public art

5470 Ormidale – 29-storey “tower 3” contains Collingwood Neighbourhood House, commercial space, and 332 dwelling units ($52,000,000)

 

Wall Centre Central Park

  • 33,000 sq.ft. in-kind community amenity space to be built by developer and conveyed to the city
  • cash contribution towards the City’s Affordable Housing Fund
  • neighborhood park upgrades and infrastructure to support the BC Parkway bikeway

 

In 2015, there were 10 major projects in excess of $50,000,000 each and over 300 permits issued with a value greater than $1,000,000.

Building permit values since 2008

The following building permit values are annual figures for the last eight years:

Year

Building permit values

2015

$3.2 billion

2014

$2.8 billion

2013

$2.2 billion

2012

$2.6 billion

2011

$1.7 billion

2010

$1.5 billion

2009 

$1.3 billion

2008

$1.6 billion

View more statistics on building permits:

http://vancouver.ca/home-property-development/statistics-on-construction-activity.aspx

Learn more about community benefits from development:

http://vancouver.ca/home-property-development/how-development-funds-communities.aspx