Thursday, February 05, 2009

Economic Apocalypse Now: Building Permits Drop Off

Like boots or hearts
Oh when it starts
It really falls apart
--Tragically Hip

The end is nigh for Vancouver Real Estate:
OTTAWA — The value of Canadian building permits fell in December for a third straight month as a slowdown in the economy continued to temper construction activity in both residential and non-residential sectors.

Statistic Canada said Thursday that municipalities issued $4.6 billion worth of permits during the month, a decline of 3.9 per cent from November.

And the stats at the bottom are far more interesting, as Ontario and Quebec were hiding some ridiculous figures from out west:
Building permits values by province/territory (percentage change December from November):
Alberta -27

Residential -17.6

Non-residential -33.9

British Columbia -40.9

Residential -42.6

Non-residential -39

Yeah, that's right. 40% drop off. The correction is on the way... So much Vancouver being "immune". It was always a lie.

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