Value of Canadian building permits down 14.8 percent in May

Wednesday, 07 July 2021 09:38:11 (GMT+3)   |   San Diego
       

According to Statistics Canada, following four consecutive months of reaching new highs, the total value of building permits dropped a record $1.6 billion (-14.8 percent) to $9.5 billion in May. Every component was down, with multi-family dwellings in Ontario accounting for nearly three fifths of the overall national decline.

The value of permits for multi-family dwellings dropped 20.6 percent to $3.3 billion in May, the lowest value since August 2020. Ontario was responsible for the majority of the decline.

Construction intentions for the non-residential sector were down 12.2 percent to $3.0 billion in May, with Ontario and Quebec falling 21.5 percent and 22.9 percent respectively.

Commercial permits tumbled 15.8 percent to $1.6 billion overall. Ontario dropped 33.9 percent as no permit in excess of $25 million was issued for the province in May, compared with six in the previous month, worth a total of $295 million.

The value of permits issued for industrial buildings fell 14.6 percent to $511 million. Seven provinces reported a decline in this component, with Quebec recording the largest decrease. Quebec saw an uptick in April, largely due to a $105 million permit issued for renovations to a mining facility in the municipality of Sept-Îles.

The value of institutional permits decreased 3.4 percent to $900 million. Gains in four provinces, led by British Columbia and Manitoba, were not enough to counter a $115 million decline observed in Quebec.


Most Recent Related Articles

Canadian new home prices up 0.4 percent in September

Canadian iron ore production up 10.3 percent in August

Canadian manufacturing sales increase 0.5 percent in August

Investment in Canadian building construction down 2 percent in August

US and Canadian rig counts maintain upward trend