According to Statistics Canada, Canadian municipalities issued $7.5 billion worth of building permits in February, down 2.5 percent from January. The national decrease was mainly the result of lower construction intentions for single-family dwellings and institutional structures.
The value of residential building permits issued by Canadian municipalities fell 1.5 percent from January to $5.0 billion in February, but remained just above the $5.0 billion mark for a second consecutive month. The decline in single-family construction intentions was moderated by an increase in the multi-family component. Conversely, multi-family construction intentions increased 3.0 percent to $2.4 billion in February, a second consecutive monthly gain.
In February, Canadian municipalities approved the construction of 19,903 new dwellings (+2.9 percent), consisting of 13,445 multi-family units (+9.3 percent) and 6,458 single units (-8.3 percent).
Municipalities issued $2.4 billion worth of building permits for non-residential structures in February, down 4.5 percent from January. Nationally, the institutional component contributed the most to the decline. The institutional component decreased 16.2 percent to $609 million in February, mainly due to lower construction intentions for government buildings and elementary schools.
In February, the value of building permits issued for industrial structures fell 2.7 percent to $395 million, following a 9.9 percent increase in the previous month. Higher construction intentions for utility buildings in Saskatchewan and Ontario could not offset the widespread decreases reported across several types of industrial buildings in multiple provinces.
The commercial component rose 1.0 percent to $1.4 billion in February, marking a second consecutive monthly increase.