Total Value of Canadian Building Permits Decline -14.8% in May

Statistics Canada (StatCan) is reporting that following four consecutive months of reaching new highs, the total value of building permits dropped a record $1.6 billion (C$) or -14.8% to $9.5 billion in May. Every component was down, with multi-family dwellings in Ontario accounting for nearly three fifths of the overall national decline. On a constant dollar basis (2012=100) building permits decreased -14.5% to $7.1 billion. All provinces except for Newfoundland and Labrador posted a decrease in the value of permits issued for single-family dwellings, which fell -10.6% nationally to $3.2 billion. Quebec accounted for almost half of the national decline, with fewer permits issued in municipalities outside of the census metropolitan areas. Overall, the value of permits issued in the residential sector pulled back -16.0% to $6.5 billion.