Building permits value up 11.6 per cent in March
There was an 11.6 per cent increase in the value of building permits in March compared to the month before. New data from StatsCan shows that the total value of permits increased to $6.9 billion, the first increase in three months. British Columbia, Alberta, Quebec and Saskatchewan registered noticeable advances in the non-residential sector in March. Ontario and Newfoundland and Labrador were the two provinces to register declines in the sector.
In the residential sector, the value of permits rose 6.6 per cent from February to $4.4 billion in March. Gains in Ontario and British Columbia offset decreases in five provinces, with Quebec and Alberta registering the largest declines. The value of permits issued for multi-family dwellings rose 19.6 per cent to $2.1 billion in March, marking the second consecutive monthly gain. The increase was attributable to higher construction intentions in four provinces, led by Ontario and British Columbia. The largest declines were recorded in Quebec and Nova Scotia. The value of single-family dwelling permits fell for a second consecutive month, down 3.4 per cent to $2.3 billion in March. Gains in five provinces, led by Ontario and Quebec, were not sufficiently large to offset the declines in the remaining provinces, with Alberta registering the largest drop.
Fed up Vancouverites launch petition against foreign ownership
While opinions differ on both the level and the impact of foreign ownership of homes in Vancouver many of the city’s residents are fed up with rising prices making the city unaffordable. Now a new petition has been launched with the aim of pushing policymakers into action. The change.org petition started by a resident named JW Gamal currently has just over 200 signatures but is just a part of the movement that is gaining support in the city. The organisation Vancouverites for Affordable Housing is holding a rally at the city’s art gallery on May 24. On the event’s Facebook page it says: It's time to be heard! There is no end in sight to the stratospheric home prices in Vancouver and the effects are damaging the very fabric of our communities!”
Retail market defies trend in Saskatoon
The office and industrial real estate sectors have been slowing down but it’s a different story in the city’s retail space. ICR analyst Alvaro Campos says that even though there has been a lot of new inventory in the last couple of years the demand has kept pace. The Star Phoenix reports that suburban growth driven by population increase is adding to the need for retail property and ICR expects the demand to continue in the coming years.