The value of building permits issued by Canadian municipalities fell 5.8% in March

The value of building permits issued by Canadian municipalities fell 5.8% to $7.0 billion in March, marking a second consecutive monthly decrease. Nationally, the decline was mainly the result of lower construction intentions for multi-family dwellings, particularly in British Columbia and Ontario. All provinces and territories, except Ontario and Quebec, registered decreases in the total value of building permits in March.

Municipalities issued $4.6 billion worth of residential building permits in March, down 8.4% from February. A notable decrease in the multi-family component more than offset higher construction intentions for single-family dwellings. Eight provinces reported declines in the residential sector in March, led by British Columbia and Ontario.

The value of building permits for multi-family dwellings dropped 20.9% to $1.9 billion in March, falling below the $2.0 billion mark for the first time since July 2016. The decrease was largely attributable to lower construction intentions for apartment buildings in nine provinces. British Columbia and Ontario registered the biggest declines in the multi-family component in March, stemming from apartment buildings and, to a lesser extent, row houses. Conversely, single-family construction intentions rose 3.0% to $2.7 billion in March, with Ontario and Alberta leading the four provinces that posted gains.