MNI DATA IMPACT: Canada April Building Permits at Record High>

     By Greg Quinn 

     OTTAWA (MNI) - Canadian building permits surged to a record 

high in April as Vancouver developers accelerated work ahead of a fee 

increase. 

     The value of permits jumped by C$1.2 billion to C$9.3 billion 

in April, the biggest increase by dollar value since May 2007. The 

percentage increase of 14.7% was the biggest since October 2016. 

     Residential building permits climbed by 24.5% in April, led by 

a 138% gain in British Columbia. Vancouver led the increase in British 

Columbia with a gain of C$880 million for multi-family projects in the 

city. 

     Vancouver's move to increase development costs was the first since 

1997, and the national permits increase was "almost entirely" due to 

demand triggered by that rule change, Statistics Canada said Monday from 

Ottawa. 

     The report is a reminder of the intense demand for housing in 

Vancouver, where surging prices and a run-up of mortgage debt has led 

to warnings from policy makers. Governments have imposed rules to 

curb speculation in Vancouver and Toronto while seeking to encourage new 

supply to make homes more affordable. 

     Non-residential permits rose 1.1% in April. Those permits have 

increased by 24.3% from the same month a year ago. 

--MNI Ottawa Bureau; tel: +1-613-314-9647; email: 

greg.quinn@marketnews.com

[TOPICS: MACDS$,M$C$$$]