Building permit values hit all-time high of $2.83 billion in Vancouver
The value exceeds pre-recession levels and marking an all-time record in Vancouver’s growing economy.
Building permit values hit all-time record as Vancouver’s economic growth continues, according to a city of Vancouver news release.
Building permits issued by the City of Vancouver in 2014 hit a value of $2.83 billion, exceeding pre-recession levels and marking an all-time record in Vancouver’s growing economy.
Building permit values of $2,825,700,469 in 2014 represent an increase of 28% from 2013, and a 77% increase over 2008.
“An all-time record for building permit values is an important example of how Vancouver’s economic action strategy is working,” said Mayor Gregor Robertson. “Low taxes, less red tape and innovative new incentive programs at City Hall are helping to attract new investment to our city and create thousands of highly-skilled new jobs. Whether it’s with new investments in our high-tech sector, a boom in new office space, or unprecedented new purpose-built rental housing, these numbers are further proof that Vancouver’s economy is continuing its exciting positive momentum.”
Examples of key developments that contributed to the 2014 increase include:
- The Teck Acute Care Centre at BC Children’s Hospital (construction value: $287 million).
- Kensington Garden by Westbank, at Kingsway and Nanaimo: comprised of three 14-storey towers and a 5-storey building containing 392 units and a proposed grocery store (construction value: $65 million).
- The Charleson by Onni: a 44-storey tower with 253 units, where 133 units are rental, with a child daycare facility on the ground floor (construction value: $46 million).
- New Student Services and Science Building at Langara College (construction value: $46 million).
- A new 195-unit rental building by Bosa BlueSky Properties on Main St. at East Georgia St. (construction value: $27 million)
The following building permit values are annual figures for the last seven years:
- 2014: $2.8 billion
- 2013: $2.2 billion
- 2012: $2.6 billion
- 2011: $1.7 billion
- 2010: $1.5 billion
- 2009: $1.3 billion
- 2008: $1.6 billion
The City of Vancouver has taken a number of steps to ensure continued improvement upon processing times and customer experience, with building and development permit applications up 48.4% from the previous 10-year average.
For further details on those actions, please click here.