Building permits value up 11.6 per cent in March
by Jamie Henry | Canadian Real Estate Wealth | May 8, 2015
There was an 11.6 per cent increase in the value of building permits in March compared to the month before.
New data from StatsCan shows that the total value of permits increased to $6.9 billion, the first increase in three months.
British Columbia, Alberta, Quebec and Saskatchewan registered noticeable advances in the non-residential sector in March. Ontario and Newfoundland and Labrador were the two provinces to register declines in the sector.
In the residential sector, the value of permits rose 6.6 per cent from February to $4.4 billion in March. Gains in Ontario and British Columbia offset decreases in five provinces, with Quebec and Alberta registering the largest declines.
The value of permits issued for multi-family dwellings rose 19.6 per cent to $2.1 billion in March, marking the second consecutive monthly gain. The increase was attributable to higher construction intentions in four provinces, led by Ontario and British Columbia.
The largest declines were recorded in Quebec and Nova Scotia. The value of single-family dwelling permits fell for a second consecutive month, down 3.4 per cent to $2.3 billion in March.
Gains in five provinces, led by Ontario and Quebec, were not sufficiently large to offset the declines in the remaining provinces, with Alberta registering the largest drop.