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May 06, 2008 09:15 AM
OTTAWA'A marked decline in Alberta helped drag the total value of building permits in Canada down by 4.5 per cent in March to $5.6 billion, the fourth decline in five months. Statistics Canada reports both residential and non-residential sectors dropped in March. The total value of permits reached $17.3 billion for the first quarter of 2008, down 8.2 per cent from the fourth quarter of 2007 and a third straight quarterly retreat. The value of Alberta's permits dropped 32.9 per cent, the largest decline among the provinces. Excluding Alberta, the value of building permits would have increased nationally by 5.1 per cent instead. Across Canada, the value of residential building permits decreased 5.7 per cent to $3.6 billion, as both multi-family (down 7.8 per cent) and single-family (down 4.4) permits fell. The number of multi-family units approved rose 4.6 per cent while single-family units decreased by 8.5 per cent in March. The agency says this was consistent with a five-year trend where demand has shifted to more affordable multi-family units from expensive single-family ones. The value of non-residential permits fell 2.4 per cent to $2 billion, the lowest level since April 2007. The value of industrial permits plunged 21.9 per cent to $318 million, the third decline in four months and the lowest level since February 2007. StatsCan blamed declines in projects for utility buildings. The institutional component fell 4.7 per cent to $454 million in march, on the heels of a 32.3 per cent drop in February. The agency blamed a decline in projects for medical buildings. The value of commercial permits increased 5.3 per cent to $1.2 billion as a result of increases in various types of buildings such as warehouses, hotels, restaurants, recreation buildings and retail and wholesale stores. Overall, the value of permits in each of the three non-residential components has been on a downward trend since the last part of 2007.
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