Builders are planning to increase housing supply

by Steve Randall on 11 Dec 2018

The value of residential building permits issued by Canadian municipalities in October was up 4.2% to $5.2 billion.

The increase, reported by Statistics Canada, shows that the number of units for which permits were issued was up by a similar share (4.1%) to 20,017.

Both single-family and multifamily units posted increases month-over-month although overall it was apartment condos that drove the increase.

For single-family dwellings, there was the first increase in five months in value terms; up 4.6% to $2.3 billion. In unit volume terms, the increase was 2.2% to 5,052.

For the multifamily sector, there was a rise of 3.8% to $2.9 billion; and a rise of 4.7% to 14,965 new units. Ontario ($222m) and BC ($115m) posted the largest gains while Quebec saw a sizeable decline (-$238m).

The value of non-residential building permits fell 7.0% in October to $2.9 billion. Eight provinces posted declines, most notably British Columbia.

The overall value of permits issued for residential and non-residential properties was $8.1 billion in October, down 0.2% from September. The decrease was mainly attributable to lower construction intentions for industrial and institutional buildings.

Post a Comment

Most Trending News

Commercial real estate marketing: where to start

Here's how to start planning a successful commercial real estate marketing plan that will boost your sales and get you familiar with popular digital marketing tactics.

Read More
Tips for real estate agent outfits

First impressions are extremely important in real estate, so why not put your best look forward? Here's what to consider.

Read More
How to stage a bathroom to impress potential buyers

Staging a bathroom can help potential buyers see themselves in that space. But here's how to really impress them!

Read More