Construction intentions for non-residential assets continue to accelerate
The total value of building permits in Canada declined by 0.6% in April to end up at $11.7 billion, with decreases in residential permits (down by 3.3%) mostly offset by gains in the non-residential segment (up by 5%).
On a constant dollar basis (with 2012 values set at 100), the total value of building permits saw a 0.5% increase in April to reach $7.5 billion.
Residential permits ticked down to $7.7 billion during the month, with lower intentions in Ontario and British Columbia driving most of the decline.
“Construction intentions in the single-family home component declined 2%, with Alberta (down 11.9%) behind much of the decrease,” Statistics Canada said.
“The value of multi-family building permits pulled back 4.4%, as Ontario (down 21.7%) returned to more normal levels following a strong February and March.”
Read more: Where can Canadians buy a home under $200,000?
Meanwhile, the gains in the non-residential segment (at $3.9 billion in April) were largely impelled by the industrial component’s 35.1% upswing. This was mainly propelled by several major projects in Ontario (up by 48.8%) during that month, including permits for several mining buildings in Greenstone.
“Commercial permits decreased 6.4%, with most of the declines in British Columbia as the province returned to more normal levels following a high value permit for the Oakridge Centre redevelopment issued in March,” StatCan said.
“Construction intentions in the institutional sector rose 7.2%. Ontario posted the largest gain, reflecting the expansion project of the Runnymede Healthcare Centre in Toronto and a new elementary school in Kingsville.”
