There was a 7.7% rise in the value of residential building permits issued by Canadian municipalities in May compared to the previous month.
Figures from Statistics Canada show that a total of $5.5 billion of permits were issued for residences, with five provinces recording gains led by Ontario and British Columbia.
The figure was just short of the record high of $5.7 billion recorded in October 2016.
The multifamily sector went one better, smashing the previous record with $3.1 billion in permits issued. BC, Ontario, and Alberta led the gains in this sector.
Single-family permits gained 6.2% month-over-month to $2.5 billion. The reversal of a downward trend in the past four months was led by Ontario but gains were recorded in 7 provinces.
Municipalities approved the construction of 21,344 new dwellings in May, up 6.6% from April. The rise was mainly attributable to multi-family dwellings, up 7.4% to 15,983 new units. Single-family dwellings increased 4.3% to 5,361 new units.
There was a decline in non-residential permits issued with commercial buildings posting the largest decline.
The value of non-residential building permits declined 0.7% in May to $2.7 billion with commercial down 3.1% in May to $1.6 billion.
However, the industrial component increased 10.6% in May to $557 million.
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