There was a drop in the value of building permits issued by Canadian municipalities in June.
Statistics Canada says that the total value of permits was $8 billion, down 3.7% from the previous month, led by a decrease for multi-family and institutional units.
Alberta accounted for more than a third of the national decrease but five other provinces also posted declines. Nova Scotia was the leading province for increased permit issuance, up 32.1% month-over-month, mostly due to increases in both residential and commercial permits in Halifax.
In the residential sector nationally, the multifamily sector was down 6.7% to $2.6 billion, led by Quebec where permits were down 21.8% following a 16.9% gain in May.
Kitchener–Cambridge–Waterloo (+$82 million) and Kelowna (+$61 million) were among the CMAs posting increases.
Commercial permits decreased 1.1% to $1.9 billion, largely due to declines in British Columbia and Alberta.
On a quarterly basis, $25.8 billion of permits were issued in the second quarter, up 5.8% from the previous quarter and up 4.1% compared with the same quarter in 2018.
On a year-over-year basis, a 1.0% decline in the value of permits in the residential sector was offset by increased construction intentions in all three components of the non-residential sector.
BC led the gains across seven provinces with a 22% increase to $5.6 billion. This was largely down to a spike in permits issued in Metro Vancouver in April ahead of higher construction charges that were introduced in May.
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: