Building permits exceed $5 billion in May: Statscan
The value of building permits surpassed the $5-billion mark in May for the first time since last October. Statistics Canada reports construction intentions were up 14.8 per cent from April, due to gains in both residential components and two of the three non-residential components. The agency says the main contributing factors provincially were increases in multi-family dwelling permits in Ontario and institutional permits in Alberta and Ontario. The value of residential permits has increased for three straight months, up 14.4 per cent to $2.6 billion in May. The value of non-residential permits increased 15.3 per cent to $2.4 billion, mainly a result of increases in the institutional component in Alberta and Ontario.
Municipalities issued $1.1 billion worth of permits for multi-family dwellings in May, up 40.6 per cent from April. Single-family permits rose 1.4 per cent to $1.6 billion, the third straight monthly increase.
Municipalities approved 13,087 new dwellings in May, up 22.1 per cent. StatsCan attributes the increase mainly to a 40.5 per cent increase in multi-family units to 7,948. The number of single-family units approved rose 1.5 per cent to 5,139.
Bankruptcies edge down in May
There were 10,364 bankruptcies in May, down 9.6 per cent from April but up almost 31 per cent from the same month a year ago.
The Office of the Superintendent of Bankruptcies reports that 9,900 consumers and 464 businesses filed for bankruptcy during the month.
The consumer filings represent a 9.5 per cent drop from April and a 34.4 per cent increase over a year earlier.
Business bankruptcies were down 12.3 per cent from April and 16.2 per cent from a year ago.