Building permit values in Abbotsford fell 60 per cent in February 2013 from January 2013, led by a drop in residential permits, according to Vancouver Regional Construction Association’s analysis of Statistics Canada Building Permit Report.
Seasonally adjusted total building permit values in Abbotsford fell in February 2013 to $6.4 million from $16.1 million in January 2013.
“Abbotsford saw a significant decline in permit values in February, mostly due to a drop in residential permit values,” said Jan Robinson, interim president of the VRCA.
“While commercial permits rose from near zero activity in January and commercial market conditions are expected to improve in 2013, no significant investment gains are likely until market conditions are much tighter.”
Seasonally adjusted non-residential permit values rose 87 per cent to $2.7 million from $1.5 million in January. Commercial permits were issued totaling $0.4 million in February, institutional-government permits reappeared at $2.2 million and industrial permits were practically nil in February.
The seasonally adjusted value of residential permits fell 75 per cent to $3.7 million in February 2013 from January’s $14.6 million.
VRCA’s outlook for 2013 for Abbotsford is mixed, but slightly positive, with total permits likely to remain below the past 10-year average.