Canadian municipalities authorized 8% fewer multi-family building permits in April compared to March, says a new report from Statistics Canada.
A total of 19,900 multi-family building permits were issued in April, driving a broader slowdown in residential construction activity across the country, says StatCan.
According to the report, the value of multi-family building permits fell 8.2% month-over-month to $4.8 billion in April, the latest month for which figures are available, accounting for most of a 5.5% month-over-month decline in total residential building permit values, which fell to $7.5 billion during the month.
British Columbia led the decline in multi-family construction intentions, with permit values falling by $432.7 million. Additional decreases were recorded in Ontario, down $99.7 million, and Manitoba, which saw a $67.9-million dropped
The single-family component remained virtually unchanged at $2.7 billion. Ontario led the decline in that segment, with permit values falling by $27.1 million, while gains in Manitoba, Quebec and Prince Edward Island helped offset the decrease.
Across Canada, municipalities authorized 4,100 single-family dwellings in April.
StatCan said the total value of all building permits issued in Canada fell 7.6% to $12.5 billion in April, as declines in both the residential and non-residential sectors weighed on overall construction intentions. The value of non-residential permits fell 10.5% to $5 billion during the month.
The StatCan report follows others from the Canada Mortgage and Housing Corporation and other organizations indicated that multi-family development will slow down over the next year.
Photo: Courtesy of B.C. Construction Association
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