Canadian municipalities authorized 8% fewer multi-family building permits in April compared to March, says a new report from Statistics Canada.

A total of 19,900 multi-family building permits were issued in April, driving a broader slowdown in residential construction activity across the country, says StatCan.

According to the report, the value of multi-family building permits fell 8.2% month-over-month to $4.8 billion in April, the latest month for which figures are available, accounting for most of a 5.5% month-over-month decline in total residential building permit values, which fell to $7.5 billion during the month.

British Columbia led the decline in multi-family construction intentions, with permit values falling by $432.7 million. Additional decreases were recorded in Ontario, down $99.7 million, and Manitoba, which saw a $67.9-million dropped

The single-family component remained virtually unchanged at $2.7 billion. Ontario led the decline in that segment, with permit values falling by $27.1 million, while gains in Manitoba, Quebec and Prince Edward Island helped offset the decrease.

Across Canada, municipalities authorized 4,100 single-family dwellings in April.

StatCan said the total value of all building permits issued in Canada fell 7.6% to $12.5 billion in April, as declines in both the residential and non-residential sectors weighed on overall construction intentions. The value of non-residential permits fell 10.5% to $5 billion during the month.

The StatCan report follows others from the Canada Mortgage and Housing Corporation and other organizations indicated that multi-family development will slow down over the next year.

Photo: Courtesy of B.C. Construction Association

If you’re making investment, development, or lending decisions in today’s Canadian commercial real estate market, Connect CRE Canada in Toronto on June 25 is where you need to be. Join an audience of 200 investors, lenders, brokers, developers, and owners for high-level networking and timely discussions on the trends impacting today’s market. Hear from industry leaders at TD Asset Management, Starlight, Woodbourne Capital Management, REMAX, Fengate Asset Management, Stonebridge Financial, Yardi, and more. Register now to gain the insights and connections to navigate an evolving landscape.