Ontario and Manitoba (left and right) saw their building permits increase from April to May

Canadian building permits rise in May, but B.C. posts largest decline

Ontario, Quebec, and Manitoba saw strong surges in building permit values from April to May, but B.C. posted Canada's largest decrease.

Canadian building permit values increased 4.5 per cent to $7.3 billon from April to May, but British Columbia’s numbers continued to decline, according to a new report from Statistics Canada.

The report says the fifth straight month of increase in permit values was driven mostly by Ontario, Quebec, and then Manitoba, while B.C., Alberta, and Newfoundland decreased.

British Columbia posted the largest decline of any province.

Across the country, residential permit values increased 4.2 per cent to $4.6 billion from month-to-month in May. Non-residential permits rose 5.0 per cent to $2.8 billion.

Meanwhile, Bloomberg reported that Toronto’s building permits led the way for the Canadian market, but that some are worried of overbuilding during city’s permit boom.

Toronto individually saw a 23.6 per cent jump in permits in May, up to $1.44 billion. However, 1 in 10 Canadian households are currently highly indebted, which means they have borrowings topping 250 per cent of their gross income.

“Old habits die hard among builders, and housing risks on both sides remain in play,” said Dana Peterson, an economist at Citigroup Global Markets, quoted by Bloomberg. “Household imbalances will remain on the front-burner of the Bank of Canada’s list of concerns.”

**********

The news of the permit value strength in Manitoba is another positive economic story out of Canada’s prairie province, which only three days earlier also announced its jobless rate had dropped 5.7 per cent from May to June.

Canada’s jobless rate remained at 7.1 per cent.

“The national jobless statistics are holding steady, but closer to home, things are looking up,” wrote CTV Winnipeg.

5,000 full-time jobs and 2,000 part-time jobs were added in Manitoba, while Canada lost a total 400 jobs nationally.

Just Posted

Semiahmoo advances to B.C. peewee hockey final against Burnaby Winter Club

Ravens to square off against only team to defeat them during provincial tournament

Surrey RCMP hunt for robbery suspect after woman threatened while using ATM

Police say a man demanded a woman withdraw money from her account while threatening her with a weapon

SOCCER: A Surrey coach recalls Alphonso Davies’ rise, days after his first goal for Bayern Munich

Injury may prevent the budding star, 18, from playing for Team Canada in Vancouver on Sunday

Tory MPs chant ‘cover up’ during federal budget delivery

Liberal government’s fourth budget delivered in House of Commons Tuesday, but nobody could hear it

Former South Surrey boxer relishing role on Riverdale

Peninsula resident Darcy Hinds has recurring role on popular CW series

VIDEO: Can you believe it? This B.C. hill pulls cars backwards up a slope

Sir Isaac Newton had clearly never been to this Vernon anomaly when he discovered gravity

Canucks hang on for 7-4 win over Senators

Horvat nets 2 for Vancouver

European, Canadian regulators to do own review of Boeing jet

Air Canada plans to remove the Boeing 737 Max from its schedule at least through July 1

Prime minister defends Liberal budget measures as sales effort gets underway

Conservatives under Andrew Scheer say it’s a spree funded by borrowing against the future

Mayor meets with B.C. health minister on homeless taxi transfers

Two homeless people were discharged from Surrey Memorial and sent to a Chilliwack shelter

Teacher reprimanded for conduct towards special needs student

Alan Stephen Berry told vice principal he did not have time to use positive strategies

‘Full worm super moon’ to illuminate B.C. skies on first day of spring

Spring has sprung, a moon named in honour of thawing soil marks final super moon until 2020

Having phone within sight while driving does not violate law: B.C. judge

The mere presence of a cell phone within sight of a driver is not enough for a conviction, judge says

Fraser Health under fire again for taxiing homeless man from Langley to Hope

Patient sent to Hope shelter because a spot in the man’s home community couldn’t be located

Most Read

l -->