The latest stats on Canadian building permits confirms the leading role being played by the multifamily sector.
Residential permits issued by municipalities had a total value of $5.4 billion in March, up 2.3% month-over-month.
The multifamily sector showed “a notable increase” Statistics Canada says, with a 12.2% increase to a record $3.0 billion. The single-family sector was down 7.9% to $2.4 billion.
The rise for multifamily intentions was driven by apartment buildings and was driven by Quebec and British Columbia. Rowhouses also saw a strong gain.
Ontario posted the largest decline in single-family permits, down 13.7% or $153.1 million. In the Toronto CMA the decline was 27.6% or $302.3 million, the second consecutive monthly decline.
Overall, eight provinces posted declining residential permit figures, with the strong performance of Quebec (+$378.8 million) and BC (+$179.5 million) boosting the national total.
Non-residential permits up 4.5%
The value of permits issued for non-residential structures was $3.0 billion in March, up 4.5% from February (which had posted a 6.4% decline).
The commercial sector gained 10% to $1.7 billion while the institutional component was down 12.7% to $647.7 million with lower intentions for hospitals affecting the nationwide trend.
For CRE it was the industrial component that saw the largest gain (11.6% to $666.5 million) with primary industry buildings including farm buildings and greenhouses leading.
The total value of residential and non-residential permits issued was up 3.1% to $8.4 billion in March, following a 2.8% decline in February.
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: