Permit values rebounding to pre-COVID levels
According to the latest data from Statistics Canada, the value of building permits issued in June has rebounded to $8.1 billion, approaching pre-pandemic levels in February 2020, and off marginally from June of last year.
The total value of residential permits was up 7% month-to-month from May, at $5.3 billion, and gained 6.5% over June of 2019. Gains were posted in six provinces, including in British Columbia where the third largest value on record for residential permits was posted in June, up 20.4% to $1.3 billion due to large projects such as the Oakridge Centre redevelopment
The value of non-residential permits rose 4.6% to $2.7 billion in June, with the institutional segment posting a massive 47% gain over May, and 17% over June of 2019. In contrast, commercial (-9.1% to $1.3 billion) and industrial (-4.0% to $591 million) permits were down in June, following strong gains for both components in May.
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