Building permits in Canada see 12.2 percent decline in May
Date
7/14/2024 3:55:07 AM
(MENAFN) In May, building permits in Canada experienced a significant decline, dropping by 12.2 percent to a total value of USD11.7 billion. This decrease follows a record-high of USD13.4 billion recorded in April, according to the country's statistical authority. Market analysts had anticipated a smaller decline of around 5 percent, making the actual figure a notable shift. Additionally, the previous month's performance was revised upward, now reflecting a substantial gain of 23.4 percent instead of the initially reported 20.5 percent.
British Columbia was the primary contributor to this national decline, witnessing a dramatic drop of 50.7 percent in building permits after reaching record levels in April. Statistics Canada noted that if British Columbia is excluded from the calculations, the total value of building permits for the other provinces and territories experienced a slight decrease of only 0.7 percent in May. This highlights the significant impact that British Columbia's fluctuations had on the overall national statistics.
Specifically, the value of residential building permits also saw a downturn, decreasing by 16.3 percent to reach USD7.1 billion in May. This decline was particularly pronounced in British Columbia, which alone accounted for a substantial 53.7 percent drop, equating to a loss of USD1.1 billion. This sharp decline followed an "unusually" strong month in April when the province had set a record for the total value of multi-unit permits issued.
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