Building permit values in the Calgary area were up on a year-over-year basis in May 2014. Statistics Canada reports that permit values went up to $636 million in the metropolitan census area of Calgary. This was a rise of 6.1% when compared to April 2014 and an amazing increase of 37.3% when compared to the numbers reported in May 2013.
Residential permits had a value of $432.6 million in total, which was a rise of 34.81% when compared to the month of April. There was a decline, however, for non-residential building permits in May. They declined 27.02% to $203.4 million when compared to the number of permits issued in April 2014.
Across Alberta, the total permit value was $1.5 billion, which was an increase of 4.4% when compared to May 2013. There was $845.7 million worth of permits issued for residential buildings in Alberta while the sector for nonresidential buildings saw a total of $627.8 million handed out. On a year-over-year basis, the nonresidential sector permit values went up by 11.9% while the residential values went down by 0.6%.
Across Canada, building permits were on the rise as well. The value of permits issued in municipalities went up 13.8% to $6.95 billion according to Statistics Canada. Vancouver and Toronto had the highest national gains with Vancouver reporting $594 million worth of permits and the city of Toronto reporting $1.47 billion worth of building permits. A lot of these permits were issued for commercial projects like shopping malls.
According to Stephen Poloz, the Bank of Canada Governor and Finance Minister Joe Oliver, it appears as though the Canadian housing market is stabilizing. This follows a boom that was caused by low interest rates being offered for mortgages.