- Prior month revised to -6.6% versus -7.6% previously reported
- building permits for the month of May -1.7% versus +2.4% estimate.
Details of the Report:
Overall
- Total building permits:C$12.4B, -1.7% m/m (-C$215.0M)
- Decline driven by non-residential weakness, partially offset by residential gains
- Constant dollar basis (2023=100):
- -1.6% m/m
- -7.0% y/y
Non-Residential Sector
- Total non-residential permits:C$4.7B, -6.1% (-C$306.1M)
Industrial led the non-residential decline.
- C$861.3M, -C$341.0M (largest drag)
-
Biggest provincial declines:
- Ontario: -C$236.2M
- Quebec: -C$52.3M
- Alberta: -C$50.7M
- Eight provinces and one territory posted declines.
Commercial
- C$2.4B, +C$81.4M
-
Led by:
- British Columbia: +C$183.1M
- Ontario: +C$62.9M
- Newfoundland & Labrador: +C$33.5M
-
Offset by:
- Quebec: -C$183.0M
Institutional
-
Declines led by:
- Ontario: -C$240.2M
- Quebec: -C$74.1M
-
Partly offset by:
- British Columbia: +C$183.6M
Residential Sector led by gain in Muli-unit permits
- Total residential permits:C$7.7B, +1.2% (+C$91.1M)
Multi-Unit
- C$5.1B, +C$161.9M
-
Growth led by:
- British Columbia: +C$304.4M
- Ontario: +C$235.0M
-
Largest metro gains:
- Vancouver: +C$216.0M
- Toronto: +C$129.0M
-
Offset by:
- Quebec: -C$272.6M
- Nova Scotia: -C$79.2M
Single-Family units decline
- C$2.6B, -C$70.7M
-
Largest declines:
- Quebec: -C$65.7M
- Manitoba: -C$19.5M
- Alberta: -C$13.8M
This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.