For the third year in a row building permits, issued in the first half of the year, have surpassed the billion-dollar mark for the City of Vancouver. So far, in 2014, the city has issued a record $1.12 billion in building permits, reaching pre-recession levels.

Values for Vancouver building permits have increased by 6.7 per cent from 2013.

“Low taxes, a highly-skilled work force and reduced red tape at City Hall are helping us achieve the highest levels in building permit values since before the recession, including the construction of significant new rental housing,” says Gregor Robertson, Mayor of Vancouver, in a statement. “Vancouver’s economic action strategy is working to create thousands of new jobs, make our city more competitive for investment, and build a forward-looking foundation for sustainable growth.”

One of the key rental developments that contributed to the increase in 2014 was a $27 million rental building by Bosa Blue Sky Properties, featuring 195 units, located on Main St. at East Georgia St.