Canada’s building permit increased by 22pc to C$9.4bn ($7.5bn) in May from the same month last year but dropped by 14.8pc from April, according to Statistics Canada (StatCan).
The country’s residential permits rose by 26.7pc to C$6.4bn in May on an annual basis and dropped by 16pc from the previous month. Its non-residential permits increased by 12.9pc to C$2.9bn in May compared to the same month in 2020 and fell by 12.2pc from the prior month.
Under residential permits, single-family homes grew by 63.5pc in May to C$3.1bn from May 2020 but declined by 10.6pc from April. Multiple-family home permits rose by 4pc to C$3.2bn in May on an annual basis and dropped by 20.6pc from the previous month, StatCan reported.
Under the non-residential permits, the industrial permits were down by 14.2pc to C$510.9mn in May from the same month in 2020 while it fell by 14.6pc from April. Commercial permits increased by 11.1pc in May to C$1.5bn compared to the same month last year and dropped by 15.8pc from April this year. Institutional permits climbed by 42.5pc to C$899.7mn in May from May 2020 and declined by 3.4pc from April.