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July 06, 2017BUILDING PERMITS, MAY 2017 
The value of building permits issued in Nova Scotia decreased by 26.3 per cent in May, following a 26.7 per cent increase in April. Residential permit values decreased 6.7 per cent while non-residential values decreased 48.0 per cent. Although monthly results for building permits are highly volatile, permit values had begun to pick up in early 2017, after remaining generally flat trend in 2016 and declining through much of 2015.
The trend in Nova Scotia building permit values particularly reflects the trends in the Halifax market. The value of Halifax building permits decreased 27.6 per cent in May 2017 reflecting a decrease in non-residential permits of 50.6 per cent and a slight increase in residential permits of 2.0 per cent. Residential and non-residential permits in Halifax have been on the rise since mid-2016 following a downward trend through much of 2015 and early 2016.
Outside the Halifax market, building permit values decreased 24.1 per cent in May, with both non-residential and residential permits remaining declining over the month, but remaining relatively flat in recent months. Residential permit values decreased 16.1 per cent in May and non-residential permit values decreased 40.7 per cent.
Comparing the first five months of 2017 with the same period in 2016, NS building permits were up 18.4 per cent with an increase in residential permit values of 7.7 per cent and an increase in non-residential values of 43.3 per cent.
Though residential permit values are up in the first five months of 2017 compared to the same period in 2016, permitted dwelling units were down 141 units, reflecting a decrease in multiples in Halifax, and both singles and multiples outside Halifax.
Compared with January through May 2016, in January through May 2017 building permit values (unadjusted) were up in four economic regions, with the largest gains in Halifax, followed by Southern Nova Scotia and Cape Breton. Permit values were up slightly in the Annapolis Valley region, and fell in the North Shore region.
Nationally, residential building permit values were on an upward trend in 2016 but have fallen in early 2017, and have risen in the past two months. Non-residential building permit values have been slowly but steadily trending downward since mid-2014. Compared to January through April of 2016, residential permits were up by 11.8 per cent nationally in the first five months of 2017 while non-residential permits were down by 3.2 per cent.
Comparing the first five months of 2017 to the same period in 2016, among other provinces Manitoba reported the largest gains in residential building permit values followed by PEI in percentage terms. Newfoundland and Labrador, and New Brunswick reported declines.
Comparing the first five months of 2017 to the same period in 2016, non-residential building permits increased in six provinces led in percentage terms by PEI, Nova Scotia, and New Brunswick. Newfoundland and Labrador, Manitoba, Alberta, and British Columbia reported declines.
Comparing the first five months of 2017 to the same period in 2016, overall building permit values were down in Newfoundland and Labrador, and Alberta, while all other provinces observed gains.
Sources: CANSIM 026-0006 and 026-0005
Statistics Canada Cat. No. 64-001-X
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