This article was last updated on April 16, 2022
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According to the figures revealed by Statistics Canada, it was calculated that the total value of building permits issued in the Calgary region have decreased severely in May while compared to last month. It was reported on Monday that the amount reduced in the sum of building permits was approx. $452.7 million in the Calgary area, i.e. a decline of 42.1 per cent from April and a decrease of 13.3 per cent from a year ago.
The report of Statistics Canada further evaluated that Calgary had its largest monthly decline along metropolitan centers since its third highest level on record the previous month. The agency mentioned that the reduction was “largely the result of lower construction intentions for commercial buildings.” It was added that overall building permits were also lessened all over the province too. Statistics Canada revealed that the permits reached $1.4 billion in May, i.e. a reduction of 7.4 per cent from the previous month and 0.8 per cent from a year ago.
However, it was evaluated that the residential sector is still robust in Alberta, since it increased up to 10.5 per cent on a monthly basis and by 11.2 per cent year-over-year to $837.2 million. Whereas, the non-residential sector permits were decreased by 25.9 per cent month-over-month and by 14.9 per cent year-over-year to $544.2 million. While talking about Canada on the whole, the contractors booked building permits worth $7.3 billion in May, which was an auspicious increase of 4.5 per cent from April. Hence, the trend still showed value of building permits to be growing due to five consecutive monthly increases.
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