According to Statistics Canada, Canadian municipalities issued $7.8 billion worth of building permits in February, down 5.7 percent from the previous month. The decline was largely due to lower construction intentions for multi-family dwellings.
The value of permits for residential buildings declined 8.5 percent in February to $4.9 billion, the lowest level since April 2017. The decrease was largely the result of lower construction intentions for multi-family dwellings in Ontario and British Columbia. Despite the monthly decline, the value of multi-family permits has shown notable strength over the past year.
Municipalities issued $2.9 billion worth of non-residential building permits in February, edging down 0.5 percent from the previous month. The decline stemmed from lower values of commercial permits (-$114 million), which posted sharp increases in November and December.
The value of institutional permits rose 11.6 percent, the first increase in five months. A high-value permit issued for the Qikiqtani Correctional Healing Centre in Nunavut contributed to the gain.