While the concept of a building permit may seem rather dry and ordinary to the average person, building permits are in fact a crucial component of Canada’s construction sector, in addition to being a condition upon which any specific building project can move forward.
In other words, you simply can’t build something without a building permit, which is why building permits as a statistic are so closely watched in Canada’s construction sector as well as the Canadian economy as a whole. Stock market fortunes can be made by watching the level of building permits across Canada.
Time is money
Therefore, one would think that the inability to gain a building permit in a timely fashion may well sink any construction project. But that doesn’t have to be true. There is a little-known option available to builders that is designed to deal with the delayed issuing of a building permit — a situation that puts many interests at risk.
It’s called a conditional building permit, which can be granted for a construction project — even though the final building permit has yet to be approved. In an industry in which timelines are crucial, these conditional building permits can be a lifesaver.
A little-known option
In fact, conditional building permits are so infrequently used that some municipal officials may not even be aware of their existence. So it’s important for a builder, developer, or anyone else with a vital interest in a construction process to not only educate themselves about these permits, but some local officials, too. A good real-estate lawyer can also come in handy to ensure all rights and procedures are pursued.
What a conditional building permit essentially does is to allow a builder or developer to proceed with a project — while that building permit itself is in the process of final approval. The conditional permit will outline what an applicant must do to ensure final approval of the building permit, as well as measures to be taken to restore the building site if that final approval is denied.
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