Canadian Building Permits Rise to $6.6 Billion
From May to June, the value of non-residential permits increased by 23.5% to $3 billion, while the value of residential permits decreased by 4.5% to $3.6 billion. Overall, the value of building permits increased 24.9% from last year and 6.5% from May, totalling $6.6 billion in June.
The reason behind the increase in permit value is the surge in non-residential construction, Statistics Canada reports. More specifically, there has been a boost in commercial and institutional construction in Ontario, and increased commercial construction in Alberta.
Total permit value increased in six provinces, the most significant increases being in Alberta, Newfoundland and Labrador and British Columbia. Saskatchewan, however, reported the highest decrease in permit value.
See Newfoundland and Labrador Mortgage Rates