The stats show that it was the single-family homes sector that dragged the overall figure down; dropping 7.2 per cent to $2.3 billion following three consecutive monthly gains. Ontario led the decline in this sector followed by New Brunswick and British Columbia.
Conversely, the intentions for multi-family homes gained 7.1 per cent to $2.0 billion, following a 5.8 per cent drop in April. Ontario, which has seen a 19 per cent decline in this sector in April, led May’s rise and was followed by Quebec and Nova Scotia. Alberta saw the largest decline in multi-family intentions following a 96.4 per cent increase in April.
Non-residential permits totalled $1.2 billion, down 15.6 per cent, with Quebec, Ontario and Manitoba leading the declines. The drop was largely the result of lower construction intentions for office buildings, recreational facilities and distribution warehouses.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Coboconk, Paris, Sleeman, North Dumfries, New Denver
The value of residential building permits issued in May was down 1.1 per cent to $4.3 billion following a 0.9 per cent drop in April. Statistics Canada says that the decline was led by Alberta but five other provinces also saw lower homebuilding intentions.