The value of building permits issued by Canadian municipalities increasedย 3.1% to $8.4ย billion in March, following aย 2.8% decline in February. The rise was mainly the result of higher construction intentions for multi-family dwellings, particularly in Quebec and British Columbia, and, to a lesser extent, by the commercial component.
Canada Residential sector: Rise in multi-family component offsets decline in single-family component
Municipalities issued $5.4ย billion worth of residential building permits in March, upย 2.3% from February. A notable increase in the multi-family component more than offset lower construction intentions for single-family dwellings. Although eight provinces reported declines in the residential sector in March, higher construction intentions in Quebec (+$373.8ย million) and British Columbia (+$179.5ย million) raised the national total.
The value of building permits for multi-family dwellings roseย 12.2% to a record $3.0ย billion in March. The increase was largely attributable to higher construction intentions for apartment buildings. Quebec and British Columbia registered the largest increases in the multi-family component, stemming from apartment buildings and, to a lesser extent, row houses.
Conversely, single-family construction intentions fellย 7.9% to $2.4ย billion in March, with Ontario posting the largest decline (-13.7% or -$153.1ย million). The census metropolitan area (CMA) of Toronto posted the largest decrease in the single-family component, downย 27.6% to $302.3ย million and a second consecutive monthly decline.