Value of Canadian building permits up 3.1 percent in March

Wednesday, 09 May 2018 21:01:35 (GMT+3)   |   San Diego
       

According to Statistics Canada, the value of building permits issued by Canadian municipalities increased 3.1 percent to $8.4 billion in March, following a 2.8 percent decline in February. The rise was mainly the result of higher construction intentions for multi-family dwellings, particularly in Quebec and British Columbia, and, to a lesser extent, by the commercial component.

Municipalities issued $5.4 billion worth of residential building permits in March, up 2.3 percent from February. A notable increase in the multi-family component more than offset lower construction intentions for single-family dwellings. Although eight provinces reported declines in the residential sector in March, higher construction intentions in Quebec (+$373.8 million) and British Columbia (+$179.5 million) raised the national total.

The value of building permits for multi-family dwellings rose 12.2 percent to a record $3.0 billion in March. The increase was largely attributable to higher construction intentions for apartment buildings. Quebec and British Columbia registered the largest increases in the multi-family component, stemming from apartment buildings and, to a lesser extent, row houses.

Conversely, single-family construction intentions fell 7.9 percent to $2.4 billion in March, with Ontario posting the largest decline (-13.7 percent or -$153.1 million). The census metropolitan area (CMA) of Toronto posted the largest decrease in the single-family component, down 27.6 percent to $302.3 million and a second consecutive monthly decline.

The value of building permits for non-residential structures rose 4.5 percent to $3.0 billion in March, after a 6.4 percent decline in February. Higher construction intentions for commercial buildings led the increase, moderated by a decline in the institutional component. In March, six provinces registered increases in the value of non-residential permits, led by British Columbia—the only province to register gains in all three non-residential components.

Construction intentions for commercial structures rose 10.0 percent to $1.7 billion in March. British Columbia (+59.3 percent) posted the largest increase, the result of increased activity in office buildings.

The value of building permits issued for industrial structures rose 11.6 percent to $666.5 million in March, largely the result of primary industry buildings, which includes farm buildings and greenhouses.

The institutional component fell 12.7 percent to $647.7 million in March, led by Quebec and Alberta. Nationally, lower construction intentions for hospitals contributed to the decline.


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