Condo intentions in Ontario offset national decline for permits

By Steve Randall
Residential building permits issuance dropped in December 2016 compared to November as intentions rental apartments and row houses slipped.

However, Statistics Canada says that the decline was eased by higher intentions for building condos in Ontario which gained $359 million from a month earlier.

Vancouver saw the largest drop in value of permits issued, especially for multi-family developments. The metro’s building permits value was $568 million, down 35.2 per cent in the month.

Edmonton also saw a sharp drop in permits issued. Although smaller in dollar terms than Vancouver, it was a larger percentage drop (42.9 per cent).

Oshawa and Kitchener–Cambridge–Waterloo recorded the largest increases, both up 123.3 per cent over the previous month.

Nationally, permits totalling $2.2 billion were issued for multi-family developments, down almost 8 per cent from November; single-family intentions were down 0.9 per cent to $2.9 billion.

More Mortgage Guide