After falling to a nearly two-and-a-half-year low in April, construction intentions began to pick back up across Canada in May, according to new data from Statistics Canada. StatCan_eng | realestate realestatenews Ontario housing
, construction intentions began to pick back up across Canada in May., the total value of building permits issued in May jumped 10.5% month-over-month to $10.5B. The increase was driven by the non-residential sector, which saw the total monthly value of building permits rise 14.2% to $3.7B.The commercial component accounted for much of the sector’s growth, with construction intentions rising 45.8%, or $703.4M. The industrial component followed, albeit distantly, with permit values rising 1.
The increases were enough to offset the large loss in the the institutional component, which saw permit values fall 23.3%, or $251.3M, month-over-month in May.After two consecutive months of decline, the total value of residential building permits rose 8.5% to $6.8 billion in May. The increase was driven by the multi-family component, with permit values rising 15.0% to $4.3B, while the single-family component marked a 1.3% loss, falling to $2.4B. More than 17,000 permits were issued for new multi-family units compared to just 3,800 for new single-family homes.On a provincial basis, Ontario accounted for much of the growth in May — permit values rose 16.3% month-over-month to $3.1B, led multi-dwelling permits issued in urban areas. The increase contributed to 45.
The most significant growth rate was seen in New Brunswick, with residential permit values increasing 27.2%, or $22.2M, on a monthly basis. More modest gains were seen in Quebec , Alberta and British Columbia .Zoe Demarco is a Staff Writer at STOREYS and was formerly the Urbanized Editor at Daily Hive. Born and raised in Toronto, she has a passion for the city's ever-changing urban landscape.
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