The City of Vancouver issued $2.83-billion in building permits last year, exceeding previous records set before the recession in 2008. Building permit values increased 28 per cent, year-over-year, from 2013 and 77 per cent from 2008. Several multi-family rental developments were key contributors to the substantial gain.
“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,” says Gregor Robertson, Mayor of Vancouver.
Vancouver rental developments that helped to push the City’s building permit values to unprecedented levels include:
- Kensington Garden, a 392-unit multi-use development with a construction value of $65-million;
- The Charleson, a 253-unit (133 units reserved for rental purposes) building valued at $46-million; and
- A 195-unit rental project by Bosa BlueSky Properties with a $27-million construction value.
“An all-time record for building permit values is an important example of how Vancouver’s economic action strategy is working,” says Robertson.
Building permit values in Vancouver have been steadily increasing since 2009.