Vancouver records $1.12 billion of building permits for first half of 2014

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Vancouver — Building permits issuance in Vancouver reached a record high of $1.12 billion for the first semester of 2014, the highest since the recession in 2008.

According to a statement released Friday, the city is on target to exceed the record they had in 2012 when the permits were worth $2.6 billion. The city’s achievement is higher by 6.7 percent compared to the same period in 2013.

One factor that led to this increase is the number of developers that are working double time across the city with major projects. The said projects are expected to increase the number of residents in Vancouver. These include Concord Pacific’s two-tower, 435-unit One Pacific, with $87 million value; and Bosa Blue Sky Properties’ 195-unit rental building located at Main Street in East Georgia valued at $27 million.

The permit values for the first half of each year are as follows, while the numbers in brackets are the annual earnings:

–          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 ($1.7 billion)

–          2009: $373.9 million ($1.3 billion)

–          2008: $924.9 million ($1.6 billion)

The city did not cite the amount in terms of construction. These numbers represent the earnings based on the building permit fees.