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Building Permits Hit $1B

Building Permits Hit $1B

Total monthly building permit values in the Lower Mainland hit the $1B mark for the first time ever last fall. Vancouver Regional Construction Association president Fiona Famulak credits the spike in part to the permit for the redevelopment of BC Children’s Hospital and BC Women’s Hospital and Health Centre. Pictured: BC Health Minister Terry Lake (right) and Teck Resources CEO Don Lindsay celebrate the launch of construction on the 640k SF Teck Acute Care Centre, part of the $678M redevelopment.

Building Permits Hit $1B

The previous record was from November 2006, according to Statistics Canada’s building permit report. Commercial permits jumped 331% to $357.2M in October (the most recent month cited in the report), while industrial permits declined 32% to $8.6M. But Fiona urges caution: the large gain in commercial permits is “likely project–specific, rather (than) reflective of a market-wide investment upswing.”