Slowdown comes amidst growing concerns about Canadian economy
Figures from Statistics Canada show the value and number of building permits in Greater Victoria have dropped by almost 29 per cent, from January 2018 to January 2019. Value-wise, they dropped to $110.2 million (January 2019) to $154.2 million (January 2018).
Looking at January 2019 alone, Victoria recorded an increase that countered a larger decline across the province and the country. Five provinces saw the value of their building permits fall in January, with British Columbia reporting the largest decline as the the value of permits fell 24.3 per cent to $1.6 billion.
Looking at the national picture, Canadian municipalities issued $8.4 billion worth of building permits in January, down 5.5 per cent from the (national) record high in December.
While not necessarily indicative of a larger trend, these figures are likely to underscore concerns about the Canadian economy, which has slowed down.