According to Statistics Canada, following a record $9.5 billion in April, the value of permits issued by Canadian municipalities declined 13.0 percent to $8.2 billion in May. Increases in six provinces and all three territories were not enough to offset the decrease in British Columbia.
The national decrease was largely the result of the value of permits for multi-family dwellings in British Columbia returning to recent levels, following a significant rise the previous month in response to Metro Vancouver's impending increases in development costs introduced in May.
The value of residential permits was down 17.2 percent to $5.0 billion in May, following a 26.6 percent increase in April.
Despite the overall decline in the multi-family dwelling component, seven provinces reported increases, with record highs in Prince Edward Island ($34 million) and New Brunswick ($30 million).
Meanwhile, the value of single-family dwelling permits rose 1.8 percent to $2.3 billion, led by Ontario (+$47 million).
The value of non-residential permits declined 5.7 percent to $3.3 billion in May. The decrease followed the issuance of a high value industrial building permit in Ontario the previous month. The value of commercial permits edged down 0.9 percent to $1.9 billion.
In the institutional component, the value of permits rose 25.7 percent to $815 million. Higher construction intentions for secondary and elementary schools in British Columbia, as well as for nursing homes in Quebec and Ontario, contributed to the increase.