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Free AccessAnalysis: August Permits -5.5% on Widespread Declines>
--Residential -2.8%; Non-Residential -10.0%
By Yali N'Diaye
OTTAWA (MNI) - The value of permits issued by Canadian
municipalities, an indicator of future construction activity, fell 5.5%
to C$7.5 billion in August, the largest drop since September 2016,
Statistics Canada reported Tuesday.
The monthly decline built on a 2.8% decrease the previous month,
leaving the value of permits up just 0.6% from August 2016, supporting
the Bank of Canada's scenario of a housing slowdown in the second half
of this year, in response to higher interest rates and tighter housing
finance regulations.
Regionally, Toronto and Vancouver were among the metropolitan areas
recording lower permits in August, with construction intentions down
16.6% in Toronto, the largest monthly drop since September 2015. Permits
fell 12.8% in Vancouver.
Overall, permits were down 10.5% in Ontario, and down 9.9% in
British Columbia, while they increased 6.2% in Alberta.
Contractions were recorded across major categories in August, with
construction intentions down 2.8% in the residential sector, and down
10.0% in the non-residential sector, the largest decline since December
2016.
The weakness in the residential sector was due to multi-family
dwellings, which recorded a 6.0% decrease on the month and an 8.5% drop
year-over-year.
Year-to-date, however, overall permits were still up 8.7% compared
to the same period last year, the agency pointed out, owing to
multi-family dwellings. Statistics Canada also noted that the latter
category has been on an upward trend since 2009, gradually closing the
gap with single-family dwellings, perhaps the result of population
density in some areas.
In fact, June 2017 was the first month ever that the value of
multi-family dwelling permits surpassed that of single-family dwellings.
Permits for single-family dwellings edged up 0.4% in August after a
3.7% increase in July.
In the non-residential sector, all major components contributed
negatively, with permits down 17.3% in the industrial sector, 17.2% in
the institutional sector, and down 2.7% for commercial buildings.
--MNI Ottawa Bureau; temail: yali.ndiaye@marketnews.com
[TOPICS: MACDS$,M$C$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.