According to Statistics Canada, the value of building permits issued by Canadian municipalities declined 3.7 percent to CAD 8.0 billion ($6.04 billion) in June, largely due to a decrease in the value of multi-family and institutional permits. Six provinces declined, with Alberta accounting for over one-third of the national decrease. Of the provinces posting gains, Nova Scotia reported the largest increase (+32.1 percent), reflecting gains in the value of residential and commercial permits in Halifax.
The value of permits for multi-family dwellings posted the largest monthly decrease of the five main components, down 6.7 percent in June to CAD 2.6 billion ($1.97 billion). The decline was concentrated in Quebec, where the value of permits fell 21.8 percent following a 16.9 percent gain in May.
The value of institutional permits decreased in seven provinces in June, with the largest decline in British Columbia. Despite the national decrease, the value of institutional permits remained 2.2 percent higher than a year earlier.
On a month-to-month basis, the value of commercial permits decreased 1.1 percent to CAD 1.9 billion ($1.44 billion), largely due to declines in British Columbia and Alberta.
The value of industrial permits rose 1.7 percent in June, largely due to a high value permit for a food processing plant in the CMA of Calgary. This resulted in a 32.9 percent increase in the value of industrial permits for the province.
USD = CAD 1.32 (August 9)