Winnipeg Free Press - PRINT EDITION
Building permit statistics bolster local confidence
(WINNIPEG FREE PRESS)
ANOTHER dark cloud appeared on the economic horizon Thursday, but this one had a silver lining.
Statistics Canada issued figures showing Manitoba was one of seven provinces to post a decline in the value of building permits issued in January, with a drop of 4.7 per cent.
The silver lining was that the decline was confined solely to the highly volatile, multi-family segment of the residential market, where an oversupply of unsold units from last year is putting a damper on new projects.
Non-residential-permit values were up a healthy 9.6 per cent from the previous month, while single-family permit values increased by 1.3 per cent.
University of Manitoba economics professor John McCallum said the latter two numbers are encouraging because they indicate local consumers and businesses are still confident about proceeding with new projects.
"It's is a good early warning indicator for the economy, and the fact we're hanging in there (with the single-family and non-residentail permits)... is a real positive," McCallum said. "And in this kind of environment, you take your good news where you can get it."
However, McCallum cautioned that the strength of the single-family-homes market may be due to a backlog of orders from last year.
"This is not a sign that we're out of the woods because the economy is decelerating very fast," he said. "If this recession persists, the backlogs are going to disappear and then you're into it."
But in a sign of confidence in the local market, a spokesman for one developer said it isn't letting the economic slowdown derail its plans for a massive new housing development in East St. Paul.
The Fahr Group hopes to begin construction early next year on The Lots at WoodCreek, a new multi-phase project that would see up to 500 acres of agriculture land converted into a mixed-use residential development over the next 15 to 20 years.
Johnathon Fahr, the company's vice-president of operations, said the project is in the planning stages and requires the approval of the R.M. of East St. Paul. But discussions are underway and he's optimistic it will be approved.
"I think the green light is going to be green."
Details are posted on the company's website: www.fahrgroup.ca.
The January building permit numbers show there were $114.2 million worth of building permits issued by Manitoba municipalities in January -- $74.6 million residential and $39.6 million non-residential. That compares with $119.8 million in December 2008.
Manitoba's decline was the second smallest among the seven provinces that posted declines, and was also almost identical to the national decline.
-- with files from Canwest News Service
murray.mcneill@freepress.mb.ca
Players of the week Major Permits
ADDRESS building permit description value ($)
97 Oak Forest CRES. Partial Permit-Foundation SFD & Att. Gar. 520,000
2175 Pembina HWY. Partial Permit-Foundation Retail Store 787,347
1030 Ravelston AVE. Construct New Misc. Structure 1,700,000
1999 Wellington AVE. Partial Permit-Foundation Hotel 4,100,000
30 Prairie WAY Interior Alteration Commercial Multi-tenant 567,280
350 Provencher BLVD. Construct New Theatre 3,900,000
800 Corydon AVE. Interior Alteration Apartments 986,000
705 South DR. Construct Addition SFD & Att. Gar. 500,000
122 Victoria CRES. Partial Permit-Foundation SFD & Att. Gar. 1,000,000
20 De La Seigneurie BLVD. Construct New Retail Store 2,200,000
650 Main ST. Interior Alteration Gov't Office 2,754,000
38 Prairie Oaks COVE Partial Permit-Foundation SFD & Att. Gar. 500,000
60 Shore ST. Partial Permit-Struct. Frame Apartments 1,800,000
150 Innovation DR. Partial Permit-Foundation Office 7,750,000
700 Regent AVE. Partial Permit-Foundation Apartments 560,000
1376 Regent AVE. Partial Permit-Foundation Gas Service Store 600,000
1874 Main ST. Partial Permit-Foundation School 500,000
1106 St. Mary's RD. Repair Apartments 525,000
3420 Pembina HWY. Construct New Apartments 20,400,000
Republished from the Winnipeg Free Press print edition March 6, 2009 B4
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