Building permit values reach highest levels since before recession

July 18, 2014 | Jobs and the Economy

The City of Vancouver issued a record $1.12 billion in building permits during the first six months of 2014, the highest amount since pre-recession levels.

This is the third year in a row that construction has topped the billion-dollar figure for the first half of the year. Building permit values have increased 6.7 per cent in the first six months of 2014 over the same period last year, continuing a trend in high value construction.

“It’s exciting to see Vancouver’s economy growing at a strong pace,” said Mayor Gregor Robertson. “Low taxes, a highly-skilled work force and reduced red tape at City Hall are helping us achieve the highest levels in building permit values since before the recession, including the construction of significant new rental housing. Vancouver’s economic action strategy is working to create thousands of new jobs, make our city more competitive for investment, and build a forward-looking foundation for sustainable growth.”

The following building permit values are for the first 6 months of each year; numbers in brackets are annual figures:

  • 2014: $1.12 billion
  • 2013: $1.05 billion ($2.2 billion)
  • 2012: $1.03 billion ($2.6 billion)
  • 2011: $768.7 million ($1.7 billion)
  • 2010: $653.0 million ($1.5 billion)
  • 2009: $373.9 million ($1.3 billion)
  • 2008: $924.9 million ($1.6 billion)

Key developments that contributed to the 2014 increase include One Pacific by Concord Pacific in downtown Vancouver, a two tower building with 435 units, valued at $87 million, and a new 195 unit rental building by Bosa Blue Sky Properties on Main St. at East Georgia St. with a construction value of $27 million.