Canada Building Permits Rebound in March

The value of building permits in Canada rose 2.1 percent from the previous month to CAD 8.1 billion in March of 2019, recovering from a downwardly revised 5.1 percent fall in February but below market expectations of a 2.8 percent increase. The value of permits for non-residential buildings rose 7.9 percent to CAD 3.3 billion, due to higher construction intentions for both institutional and commercial buildings. On the other hand, the value of residential permits decreased 1.5 percent to CAD 4.8 billion, mainly due to lower construction intentions in Ontario and Quebec. The value of single-family dwelling permits was down 5.0 percent, with the largest decrease in Ontario while the value of multi-family dwelling permits increased 1.3 percent, led by Manitoba and British Columbia. Considering the first quarter of the year, municipalities issued CAD 24.3 billion worth of permits, down 3.5 percent compared with the same quarter last year.