There was a decline in building permits in June with the residential sector offsetting gains for non-residential.
Statistics Canada data shows a 5.7% decline for residential permits issued by municipalities compared to the previous month. Only New Brunswick posted an increase.
The total of $5.2 billion included $2.8 billion for multi-family permits, down 8.0% month-over-month; and $2.4 billion for single-family permits, down 2.9%.
The multi-family decline was led by Alberta, with 865 fewer permits issued compared to May. This sector only gained in BC (2.1%).
For single-family permits, Ontario accounted for over half of the drop in value terms ($down $37 million) while 5 other provinces posted declines.
Municipalities approved the construction of 19,111 new homes in June, down 10.5% from May. This was led by a 14.3% drop in multi-family dwellings, to 13,667 new units; while the number of new single-family dwellings increased 0.8% to 5,444 new units.
The value of building permits in the non-residential sector rose 4.6% in June to $2.9 billion. Increases in Alberta and Ontario more than offset the declines in six provinces.
Overall permits issuance totalled $8.1 billion, down 2.3% from the previous month.
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