Building permits in the province are down dramatically from a couple of years ago but the chief economist for ATB says that fact needs to be put in perspective.
Figures from Statistics Canada shows residential home construction permits are down 23% and overall permits about 40%. Todd Hirsch says it’s important to remember that the past few years have been record setting when it comes to construction activity.
The chief economist for ATB says it’s important that home builders have pulled back because if they kept building, there would be an even greater glut on the market and prices would drop dramatically.
He also says it’s interesting that Edmonton has surpassed Calgary in activity, saying that shows that the economic downturn has hit Calgary harder than Edmonton.