Building permits data from Statistics Canada
– Prior was -0.1%
– Estimates ranged from +1.0% to -4.7%
– Lower construction intentions were recorded for all components, led by commercial buildings and multi-family dwellings
This one is a bit concerning but a closer look shows it’s no as worrisome. There are increasing reports of slowing home sales in Vancouver but if you scale back, prices nationwide are still egregiously high so builders have plenty of incentive to build, especially in Ontario where residential building permits hit a record. Even in British Columbia, where permits fell 23.5% in December, that follows a record high a month earlier.
