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Jul 11, 2023

Residential component leads May building permits increase

The total monthly value of building permits in Canada increased 10.5% in May to $10.5 billion, says Statistics Canada. The total monthly value of residential permits rose 8.5% to $6.8 billion in May, with Ontario contributing to 45.8% of total national permit values. Ontario increased 16.3% month over month to $3.1 billion, led by multi-dwelling permits issued in urban areas. New Brunswick (+27.2% or +$22.2 million) had the highest provincial growth rate, while Quebec (+10.8% or +$102.3 million), Alberta (+4.7% or +$34.5 million), and British Columbia (+3.7% or +$50.3 million) observed more modest gains.  

Across Canada, permits for 3,800 new residential units were issued for single-family homes in May, compared with permits for 17,700 new dwellings in multi-unit buildings. Commercial permits surged (+45.8% or +$703.4 million), more than offsetting monthly losses in the institutional component (-23.3% or -$251.3 million). Despite overall monthly gains, the value of non-residential construction intentions in May was down 11.2% year over year.

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