Stastistics Canada reports that the value of building permits issued by Canadian municipalities increased 6.1% to $9.0 billion in August, largely because of increases in multi-family and industrial permits. Gains were reported in seven provinces, with over one-third of the national increase in Quebec.
Value of residential permits rises
The value of permits for multi-family dwellings rose in every province, except Nova Scotia, increasing 18.8% to $3.3 billion in August. Over half of these gains were in British Columbia (+$282 million), largely because of a high-value permit in the census metropolitan area (CMA) of Vancouver. Quebec also contributed to the increase, up $143 million compared with July.
The value of permits for single-family dwellings rose 3.2% to $2.4 billion nationally, led by Ontario. The CMA of St. Catharines–Niagara issued a record high of $102 million in single-family permits, up $58 million from July. These gains were largely attributable to several developers filing additional permits prior to an upcoming increase in development costs in the region.
Value of industrial permits increases
Industrial permits were the only component in the non-residential sector to increase in value, rising 18.9% to $675 million. The increase was largely due to a high-value permit for a bio-pharmaceutical company in the CMA of Toronto.
The value of commercial permits declined 5.9% to $1.9 billion, following gains in July. Quebec showed some strength in the commercial component (+$73 million) despite the national decrease.
Five provinces reported declines in the value of institutional permits, down 10.7% to $651 million.
The value of permits was down in all three non-residential components in British Columbia, which also reported the largest provincial declines in the values of commercial (-$118 million) and institutional (-$48 million) permits.