May building permit values rise in Calgary and Edmonton regions

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Across Alberta, permits of close to $1.1 billion rose by 5.7% from April but were down 4.2% year over year: StatsCan

The value of building permits in the Calgary and Edmonton regions jumped in May, according to data released on Tuesday by Statistics Canada.

The federal agency said that value of $483.8 million for the month in the Calgary census metropolitan area was up 5.3 per cent from April. On an annual basis, it rose by 5.2 per cent.

In the Edmonton census metropolitan area, the value of building permits soared by 20.9 per cent on a monthly basis to $362.6 million. However, that was down 17.8 per cent year over year.

Across Alberta, permits of close to $1.1 billion rose by 5.7 per cent from April but were down 4.2 per cent year over year.

The residential sector saw a permit increase of 3.1 per cent month over month to $586.3 million but that was down 14.7 per cent from a year ago.

The non-residential sector in Alberta rose to $465.4 million, up 9.2 per cent month-over-month and an increase of 13.6 per cent from last year.

“Following a record $9.5 billion in April, the value of permits issued by Canadian municipalities declined 13.0 per cent to $8.2 billion in May. Increases in six provinces and all three territories were not enough to offset the decrease in British Columbia,” said the federal agency.

“The national decrease was largely the result of the value of permits for multi-family dwellings in British Columbia returning to recent levels, following a significant rise the previous month in response to Metro Vancouver’s impending increases in development costs introduced in May.”

StatsCan said the value of residential permits in Canada was down 17.2 per cent to $5 billion in May, following a 26.6 per cent increase in April.

The value of non-residential permits across Canada declined 5.7 per cent to $3.3 billion in May.

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