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The number of residential building permits issued in June rose slightly from May, but the total fell 1.8 percent to $6.9 billion, a decline attributed to several months of steady growth in the construction sector.
Data released Aug. 9 by Statistics Canada showed that the drop in value was largely due to Ontario, which saw a sharp drop of 11.4 percent, or $358.1 million. The decline was notable as the province had seen strong growth in May, largely due to the initiation of large multi-unit projects.
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Saskatchewan and New Brunswick also posted sharp declines of 51.4 percent ($58.5 million) and 20.5 percent ($20.7 million), respectively. These provinces faced challenges that impacted their housing permit activity and contributed to the overall decline in national numbers.
On a more optimistic note, the report emphasized that despite these declines, there were gains in the remaining seven provinces. This suggests that the slowdown is not uniform across the country.
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Toronto home sales and prices up year-over-year
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Vancouver home sales soar nearly 30% in July
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The Calgary housing market saw its busiest July on record
“Across Canada, permits were granted for 22,000 new homes in June,” the release said. This number exceeds May’s approval count by 500 additional approvals.”
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