OTTAWA — The total value of building permits issued by Canadian municipalities decreased 7.3 percent to $8.6 billion in February, driven by the residential component, according to StatCan. Declines were reported in five provinces, with the largest decrease reported in British Columbia, where permits fell by 39.2 percent to $1.3 billion. Meanwhile, Alberta reported the fourth consecutive monthly growth, up 4.2 percent to $1.1 billion. The total value of residential permits decreased 7.3 percent to $5.3 billion, mostly due to a significant decline in permits for multi-family dwellings. Permits for single-family dwellings however saw their largest growth since October 2016, an increase of 8.3 percent to $2.6 billion.
In order to provide the timeliest information possible during the ongoing COVID-19 situation, StatCan also released preliminary flash estimates for March based on data from 23 large municipalities. On a year-over-year basis, the value of building permits issued by Canadian municipalities fell 23.2 percent to $1.4 billion when compared with March 2019. Ontario, British Columbia and Quebec had the strongest declines, likely reflecting provincial measures put in place mid-month to slow the spread of COVID-19.
