Building permits recover in May

OTTAWA — The total value of building permits issued by Canadian municipalities in May bounced back 20.2 percent to $7.4 billion, StatCan reports, following declines of 13.4 percent in March and 15.4 percent in April. This was the largest percentage increase since March 2009, and it coincided with the relaxing of COVID-19 construction restrictions in Ontario, Quebec and Prince Edward Island. The May level is still 20.4 percent below the last peak observed in January 2020. The vast majority of residential gains were attributable to increases in the value of permits for single-family homes, which rose by a record $518 million or 37.5 percent, following a drop of 34.6 percent in April.