Building permits jump in March
May 11, 2018
The value of building permits issued by Canadian municipalities increased 3.1% to $8.4 billion in March, following a 2.8% decline in February. This is a jump of almost 11% over the same month last year.
Statistics Canada attributes the rise to 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. A notable increase in the multi-family component more than offset lower construction intentions for single-family dwellings.
The value of building permits for multi-family dwellings rose 12.2% to a record $3.0 billion in March. Conversely, single-family construction intentions fell 7.9% to $2.4 billion in March, with Ontario posting the largest decline.
The value of building permits for non-residential structures rose $3 billion in March. Higher construction intentions for commercial buildings led the increase, moderated by a decline in the institutional component.