Statistics Canada has reported a further decline in the value of residential permits issued in July. Municipalities issued $4.0 billion worth of permits in the month, down 2 per cent and the fourth consecutive month of decline.
In volume terms, permits increased 2.2 per cent in July to 15,388 dwellings, rebounding from June when permits were at their lowest since the end of 2012.
The drop was led by fewer intentions for single-family homes with the value down 3 per cent to $2.4 billion, following a 4.8 per cent drop in June. There were 5,736 single-family home permits issued in July, down 0.5 per cent from the previous month. Ontario, BC and Alberta recorded the largest decline in this sector.
For multi-family units, there was a more moderate decrease in value, down 0.4 per cent to $1.7 billion, with BC and Quebec leading the slide. However, in volume terms there was a rise of 3.9 per cent in this sector to 9,652 units.
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The latest data on home building intentions show disparity between the two most common housing types with fewer single-family homes planned while multi-family units increased.