The value of building permits issued by municipalities was down 19.6 per cent from October to $6.2 billion in November, falling below the $7-billion mark for first time since May 2015. Statistics Canada’s data shows that there was decline in both residential and commercial permits across all provinces but especially in Alberta. The residential sector fell by 17.8 per cent to $4 billion, led by a drop of around a third in the value of permits for multi-family dwellings. Municipalities approved the construction of 15,038 new dwellings in November, down 24.3 per cent from October. The decline was mainly attributable to multi-family dwellings, which fell 33.1 per cent to 9,450 units. The number of single-family dwellings declined 2.5 per cent to 5,588 units.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: