Value of Building Permits Drop in August
Residential permits decreased 8.3% to $6.4 billion in August, the lowest level since March.
Statistics Canada has announced the total value of building permits decreased 2.1% to $9.7 billion in August marking a second straight decline after a drop in July. Significant declines in Ontario and British Columbia pulled the national results lower.
Residential permits continue to trend down since March
Residential permits decreased 8.3% to $6.4 billion in August, the lowest level since March. Ontario and British Columbia were to blame for most of the decline.
Construction intentions for multi-family homes fell 15.9%, largely reflecting Ontario’s decline (-24.3%).
Additionally, Newfoundland and Labrador (+0.7%) reported the first provincial increase in this component after six consecutive monthly declines.
Non-residential permits up in August
Non-residential building permits rose 12.3% to $3.3 billion, led by higher construction intentions in Quebec and Alberta.
Commercial building permits were up 14.9% nationally, supported by Ontario’s third consecutive month of growth. A 10-storey office building permit in the city of North York contributed to Ontario’s gains.
The value of institutional building permits rose 21.9% in August. Much of this growth came from Quebec (+78.0%).
Construction intentions for industrial buildings decreased 7.3% to $543 million in August. Nova Scotia reported the largest monthly percentage decrease (-90.9%), following a strong July which included a $40 million utility building permit issued by the city of Halifax.
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June 20, 2021