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Building permit values hit all-time record as Vancouver’s economic growth continues

January 13 2016

"Vancouver is continuing to lead Canada in economic growth, and record values for new construction investment are further validation of our work together to create jobs and build an even better city," said Mayor Gregor Robertson.

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The building permits we issued in 2015 hit a value of $3.2 billion, marking an all-time record in Vancouver’s growing economy. 

"Vancouver is continuing to lead Canada in economic growth, and record values for new construction investment are further validation of our work together to create jobs and build an even better city," said Mayor Gregor Robertson. "Whether it's the record-setting pace for new rental housing and new office construction, or unprecedented growth in innovative sectors such as clean technology, there's never been so much reason for optimism about the future of Vancouver's economy."

Building permit values of $3,239,563,940 in 2015 represent an increase of:

  • 14.6% from 2014
  • 105% from 2008 

Developments that contributed to increase

Key developments that contributed to the 2015 increase (listing construction value of projects and the associated public benefits).

Project name Address Construction value Public benefits
Vancouver House 1480 Howe St – 52-storey high rise

$279,000,000

  • 98 secured market rental units
  • Public realm improvements
  • Cultural contribution
  • Public art
Emily Carr University 520 E. 1st Ave $80,000,000
  • New 265,000 sq.ft. four-storey school for the Emily Carr University of Art and Design
  • Public art
Northwest 8199 Cambie St – 2 towers; 349 dwelling units  $74,835,000
  • 37-space childcare facility co-located with a new 4,500 sq.ft. neighbourhood “family place” to be built and conveyed to city
  • Public art
Strathcona Village 933 E. Hastings – mixed use; 350 dwelling units $58,000,000 
  • 70 units of in-kind social housing to be built by developer and conveyed to the City
  • Public art
Wall Centre Central Park 5470 Ormidale – 29-storey “tower 3” contains Collingwood Neighbourhood House, commercial space, and 332 dwelling units  $52,000,000
  • 33,000 sq.ft. in-kind community amenity space to be built by developer and conveyed to the city
  • Cash contribution towards the City’s Affordable Housing Fund
  • Neighborhood park upgrades and infrastructure to support the BC Parkway bikeway

In 2015, there were 10 major projects in excess of $50,000,000 each and over 300 permits issued with a value greater than $1 million.

Community benefits from development

Building permit values since 2008

The following building permit values are annual figures for the last eight years:

Issued building permits - Annual construction values 2008-2015