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Depreciation Report - Normac

In the News – Vancouver Issues Record Number of Building Permits

Vancouver Sun Article:  Vancouver Issues record number of building permits worth $1.12 billion in first half of 2014
By Jeff Lee, Vancouver Sun  
July 18, 2014
The value of buildings for which Vancouver issued building permits hit a record in the first half of 2014, for a total value of $1.12 billion, the highest amount since the 2008 recession. And it appear on target to exceed the record year of 2012, when permits worth $2.6 billion in building values were issued.

In a statement Friday the city said that this is the third year in a row that construction values have exceeded a billion dollars in the first half of the year. The values in the first half of 2014 are up 6.7 per cent over the same period last year.

The statement is the civic bureaucracy’s acknowledgment of something that most drivers and residents already know, that developers are hustling all over the city with major developments that will bring thousands of more residents to Vancouver.

The city said some of the major developments in 2014 that have added to the city skyline include Concord Pacific’s two-tower, 435-unit One Pacific, valued at $87 million, and Bosa Blue Sky Properties’ 195-unit rental building on Main Street at East Georgia, valued at $27 million.

According to the city, the following building permit values are for the first 6 months of each year; numbers in brackets are annual figures:

– 2014: $1.12 billion

– 2013: $1.05 billion ($2.2 billion)

– 2012: $1.03 billion ($2.6 billion)

– 2011: $768.7 million ($1.7 billion)

– 2010: $653.0 million ($1.5 billion)

– 2009: $373.9 million ($1.3 billion)

– 2008: $924.9 million ($1.6 billion)

There is no indication how much money the city took in for building permit fees. The numbers cited represent the buildings’ value for construction purposes. © Copyright (c) The Vancouver Sun

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