According to Statistics Canada, municipalities issued building permits worth $6.9 billion in May, up 13.8 percent from April. This followed a 2.2 percent rise in the previous month. The total value of permits has been on a slight upward trend since the beginning of 2014. Construction intentions for residential dwellings rose 9.5 percent to $4.1 billion in May, the third consecutive monthly increase. In the non-residential sector, the value of permits rose 20.8 percent to $2.8 billion.
Construction intentions for multi-family dwellings rose 16.1 percent to $1.9 billion in May, a third consecutive monthly advance. The value of building permits for single-family dwellings rose 4.6 percent to $2.3 billion in May. This was the second consecutive monthly increase.
Canadian municipalities approved the construction of 17,415 new dwellings in May, up 11.8 percent from April. This increase was mostly attributable to multi-family dwellings, which rose 17.3 percent to 11,330 units. The number of single-family dwellings increased 2.8 percent to 6,085 units. In May, the value of non-residential building permits registered its largest monthly gain since July 2013. This advance resulted from a strong increase in construction intentions for commercial buildings.
Construction intentions for commercial buildings rose 39.4 percent to $1.8 billion, the highest level so far in 2014. The advance came from higher construction intentions in a variety of commercial buildings, including warehouses, retail complexes, recreational facilities as well as hotels and restaurants. In the industrial component, the value of permits rose 22.4 percent to $441 million. In the institutional component, the value of permits fell 16.6 percent to $555 million. This followed a 37.5 percent increase in April.
