The total value of issued B.C. building permits dropped 13.4% in November as developers pulled back on new projects, Statistics Canada reported.

The decline was driven by a sharp reduction in multi-unit construction intentions, particularly in the Vancouver region.

The value of the province’s issued multi-unit building-permits sank by $375.4 million—with most ($346.7 million) of the reduction concentrated in Greater Vancouver.

Across Canada, building permit values fell by $739.5 million (-5.9%) to $11.7 billion in November, marking the second consecutive monthly decline. The residential sector led the downturn, with a $588.1-million (-7.5%) decrease to $7.2 billion, while non-residential permits also saw a drop.

Nationally, the number of housing units authorized in November fell 15.0% from October, with permits issued for 17,300 multi-family dwellings and 4,700 single-family homes. Despite the monthly drop, the 12-month total of authorized units rose 2.4% year-over-year to 273,300.

The decline in permit values signals hesitation among developers amid rising costs and economic uncertainty, pointing to a potential slowdown in new construction projects in the months ahead.

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