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The pace of construction in Canada sped up in July with municipalities issuing $9.2 billion worth of building, up 11.8 per cent from June. July’s surge was also the fourth month-to-month increase in a row. Condo and apartment building in Ontario and British Columbia were the major drivers in boosting the overall tally.
The value of permits in the non-residential sector reached a record high $4.2 billion, a 5.2 per cent rise over the June and the fourth consecutive monthly increase. But it was the residential sector that saw astonishing growth. The value of building permits rose 18 per cent to $5 billion, the fifth month in a row that recorded an increase. Seven provinces saw an uptick in permit values, led by Ontario, British Columbia and Alberta.
While the value of building permits for multi-family dwellings dropped 4.5 per cent between June and May, they were back with a vengeance in July. The value of building permits rose 43.4 per cent over the previous month to $2.5 billion. The surge was largely fueled by apartment and condo apartment intentions in Ontario, British Columbia, and to a lesser extend, Alberta.
In a reversal of the trends seen in June, fewer municipalities issued permits for single-family dwellings. The $2.4 billion worth of permits issued in July was a slight 0.5 per cent decrease from June and the first dip after three consecutive month-to-month gains. Five provinces recorded declines with Ontario seeing the steepest drop. Alberta, Saskatchewan and Nova Scotia all saw increases.
Altogether, municipalities approved permits for the building of 20,511 new dwellings in July, up 21.4 per cent from the month before. Multi-family dwellings were behind the big boost with 14,050 units approved, a 35.2 per cent increase. On the flip-side, the number of single-family dwellings dwindled by 0.6 per cent to 6,461 units.
As far as the major cities go, 21 of the 34 census metropolitan areas saw an increase in the value of building permits. Toronto topped the list, thanks to higher construction intentions for multi-family dwellings and, to a lesser extent, institutional buildings. Vancouver and Hamilton followed behind with Vancouver largely seeing a boost in multi-family homes and Hamilton seeing a mix of both institutional buildings and multi-family home building.
For more details check out the table and chart from Statistics Canada below: