Building Permits, May 2014, published July 7

Posted by on Jul 14, 2014 in Featured | 0 comments

Municipalities issued $6.9 billion worth of building permits in May, up 13.8% from April but 6.4% lower than in May 2013.      

Four provinces reported an increase in permits over a year ago.  The largest increase was recorded in Manitoba (+45.1%) followed by British Columbia (+7.7%) and New Brunswick (+7.5%).  Double-digit annualized decreases over May 2013 occurred in three provinces.  The largest year-over-year losses were recorded in Prince Edward Island  (-57.6%), followed by Nova Scotia (-32.2%) and Quebec (-26.0%).  Ontario experienced a 7.8% decline.

Builders took out residential building permits worth $4.1 billion in May, up 9.5% from April but 9.0% lower than in May 2013.  Three provinces reported an annualized growth rate for residential permits: Manitoba (+ 33.7%) Saskatchewan (+16.2, %) and British Columbia (+2.5%).  Double-digit annualized decreases occurred in six provinces.  The largest lose was recorded in Nova Scotia (-49.6%) followed by Prince Edward Island (+31.7%) and New Brunswick (-23.5%).  Quebec’s annualized loss was 17.0% while the decline in Ontario was 14.3%.

Municipalities issued permits worth $1.9 billion for multi-family dwellings in May, up 16.1% from April but 17.2%  lower than in May 2013.  Month-over-month Increases were posted in four provinces with the largest gain reported in British Columbia.  Prince Edward Island, Nova Scotia and Quebec posted declines.  Permits for single-family units increased 4.6% from April to $2.3 billion but were down 1.0% over May 2013. Advances were posted in eight provinces, with growth in Ontario leading the way. Saskatchewan and British Columbia recorded decreases.

Municipalities approved 17,415 new dwellings in May, up 11.8% from April but 13.4% lower than in May 2013.  There was a 2.8% monthly increase but a 5.1% annualized loss in the number of single-family units, which totaled 6,085.  There  was a 17.3% monthly gain but a 17.3% annualized decrease in the number of multi-family units approved, which totaled 11,330.

The value of non-residential permits in May grew 20.8% from April to $2.8 billion but decreased 2.3% from May 2013.  From April to May, industrial permits gained 22.4% to $441 million but were down 31.0% from May 2013; institutional permits decreased 16.6% from April to $555 million and were down 21.3% from a year earlier; while commercial sector permits grew 39.4% from April to $1.8 billion, up 18.3% from May 2013.