Real Estate Bubble Pops – Calgary Is The First Casualty ?

Just when we heard Sotheby: “Demand For High Priced Shacks Is Unbelievable”

While we have no idea if Sotheby knows what are they talking about ? We just heard from the horse’s mouth that Calgary is screwed …

Game Over ?

Calgary region building permits drop sharply in May

Down 42.1% from previous month

BY MARIO TONEGUZZI, CALGARY HERALD JULY 8, 2013

CALGARY — The total value of building permits in the Calgary region in May dropped sharply from the previous month, according to Statistics Canada.

The federal agency reported Monday that building permits dipped to $452.7 million in the Calgary area, which was a decline of 42.1 per cent from April. The value of permits was also down 13.3 per cent from a year ago.

Statistics Canada said Calgary had the largest monthly decline among metropolitan centres after posting its third highest level on record the previous month.

The drop was “largely the result of lower construction intentions for commercial buildings,” said the federal agency.

Overall building permits were down across the province as well.

Statistics Canada said permits reached $1.4 billion in May, off 7.4 per cent from the previous month and 0.8 per cent from a year ago.

The residential sector, however, was strong in Alberta, rising by 10.5 per cent on a monthly basis and by 11.2 per cent year-over-year to $837.2 million. The non-residential sector saw permits decrease by 25.9 per cent month-over-month and by 14.9 per cent year-over-year to $544.2 million.

Across Canada, contractors took out building permits worth $7.3 billion in May, up 4.5 per cent from April. The total value of building permits continued to trend upward on the strength of five consecutive monthly increases, said the federal agency.

Year-over-year, permits were up by 3.4 per cent.

Residential sector permit values in Canada increased 4.2 per cent to $4.6 billion in May. That was up by 7.6 per cent from last year.

In the non-residential sector, the value of building permits rose 5.0 per cent to $2.8 billion in May. But year-over-year it was down by 2.7 per cent.

[email protected]