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Plans to build up in BC, AB and SK according to new building permit numbers

Posted on February 2, 2018 by Circle Mortgage Team

The total value of building permits was $7.5 billion in October, edging up 0.7% from September. The increase came mainly from higher construction intentions in British Columbia, Alberta and Saskatchewan.  The value of non-residential building permits increased 2.4% from the previous month to $3.1 billion in October. Gains were posted in five provinces, led by British Columbia, followed by Quebec, a distant second. Yukon also posted a noticeable increase in October. Ontario registered the largest decrease, following a notable increase in September.
In the residential sector, the value of permits edged down 0.4% to $4.5 billion in October, following a 7.4% increase in September. Residential construction intentions fell in five provinces, with Quebec and Ontario accounting for most of the decline at the national level. Alberta and Nova Scotia posted the largest increases.
Provinces: Large increase in British Columbia
The total value of permits increased in four provinces in October, led by British Columbia, followed by Alberta and Saskatchewan.
British Columbia's gain was primarily attributable to higher construction intentions for institutional and commercial buildings. In Alberta, all components, except institutional buildings, were responsible for the increase, while in Saskatchewan, the advance was the result of higher construction intentions for multi-family dwellings and industrial buildings.
After posting a 38.0% gain in September, Ontario posted the largest decline in October. This decrease was due primarily to lower construction intentions for commercial and institutional buildings, following large increases in both components a month earlier. Manitoba was a distant second, with a decrease in construction intentions for non-residential buildings.

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