Building Permits Value Up In May

The total value of building permits in Canada rose 2.3 per cent from April to May to $12.1 billion. Residential permits dropped slightly by 0.1 per cent to $7.8 billion, with increases in Ontario and British Columbia offsetting losses in seven other provinces. Construction intentions in the multi-family component decreased 5.9 per cent, with British Columbia seeing a 10.1 per cent increase in part due to a $112 million permit for a condo building in Surrey. Single-family homes increased seven per cent in total value nationally for the month. The total value of non-residential sector permits increased seven per cent to $4.3 billion in May. Construction intentions in the institutional component rose 4.3 per with a 54.9 per cent gain in British Columbia leading the rise.