[ad_1]
In May, the total value of building permits issued in Canada rose by $1.4 billion (12 percent) to reach $13.1 billion. The increase in construction intentions was driven by Ontario’s institutional component ($1.3 billion). On a constant dollar basis (2023=100), the total value of building permits issued in May increased 11.8 percent from the previous month and was up 5.1 percent on a year-over-year basis.
Residential construction intentions rose by $169.8 million to $7.5 billion in May. This increase was primarily led by British Columbia’s multi-family component, which grew by $687.7 million to $1.5 billion. British Columbia’s multi-family component growth in May was driven by the Vancouver CMA ($696.4 million), which rebounded after dipping in April. Nationally, multi-family permit values increased by $194.8 million to $4.9 billion in May. Ontario’s multi-family component declined by $382.8 million, counteracting part of the growth in British Columbia’s multi-family component.
The value of single-family permits edged down $25 million to $2.6 billion in May, with the decline primarily attributed to Ontario ($77.5 million) and mitigated by increases in seven provinces and two territories. Across Canada, a total of 21,000 new multi-unit dwellings and 4,400 new single-family dwellings were authorized for construction in May, reflecting a slight decline of 0.2 percent in the total number of units authorized from the previous month.