Total Value of Building Permits Rises in May
Construction intentions in the institutional component rose 4.3% in May. Gains were led by British Columbia (+54.9%).
Statistics Canada has revealed the total value of building permits increased 2.3% to $12.1 billion for the month of May, 2022.
Construction intentions in the multi-family component decreased 5.9% in May. However British Columbia saw a 10.1% increase in part due to a $112 million permit for a condo building in Surrey.
Single-family homes have continued their comeback since the COVID-19 pandemic downturn and longer-term decline, increasing 7.0% in total value across the country during May.
British Columbia pushes up non-residential sector
Commercial permit values increased by 15.6% in May, driven by British Columbia with an overall increase of 73.8% for the month.
Construction intentions in the institutional component rose 4.3% in May. Gains again were led by British Columbia (+54.9%), reflecting an $82 million permit for a hospital in Fort St. James.
New Brunswick also saw notable gains due to permits for a police station and a school in Moncton. Conversely, gains were largely countered by decreases in Quebec (-20.2%) and Ontario (-8.1%).
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May 11, 2022