Building permits down, down: the sequel

Last month’s post about the steep decline in Vancouver building permits occasioned a mild media frenzy. Today, the sequel: February numbers that show a continuing downward trend in the value of the permits, despite a small uptick in the number of dwelling units started in February 2009 (275) compared to the same month a year ago (190).

The value of the month’s permits declined, however, to $95.2 million from $108 million a year ago. The cumulative value of permits is down about 30 percent in 2009 to $134.4 million from $193.4 million last year.