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Building permits fall as local housing market cools off
By Ottawa Business Journal Staff
Mon, Sep 8, 2003 2:00 PM EST
Local builders took out fewer permits for new construction in July, Statistics Canada reported on Monday, with activity in the residential sector falling short of last year's levels.
A total of $142.5 million worth of building permits were taken out in July, down 7.06 per cent from the June tally of $153.33 million.
The weakness was widespread. In the housing sector, permits for single-family homes were down by 3.4 per cent, while more affordable multiple dwelling units such as condos and row houses were off by 10.7 per cent. Overall, residential permits fell more than six per cent in July, to $84.87 million from $90.38 million in June.
In the non-residential sector, declines in permits in the industrial and institutional segments overwhelmed a 103-per-cent jump in the commercial segment. The total value of non-res permits issued in July fell more than eight per cent, to $57.63 million.
Ottawa's housing market, characterized in recent years by huge price spikes, pent-up demand and a record number of construction starts, is expected to ease off to a more sustainable level of activity in 2003.
In July, that easing pattern appeared well-entrenched, with the year-to-date total of residential permits falling below last year's levels for the first time.
Residential building permits issued during the first seven months of 2003 totalled $593.06 million, down 10.8 per cent from $664.99 million in the same period of 2002. Singles are down by 10.6 per cent, while multiples are off by 11.2 per cent.
Last month, Canada Mortgage and Housing Corp. reported that housing starts fell off in July, down 13.2 per cent from June and 13.5 per cent from July 2002.
Building permits are a leading indicator of activity in the construction market, while housing starts are a lagging indicator.
However, CMHC has said repeatedly that strong job growth in the nation's capital over the past year, as well as mortgage rates that remain at historic lows, will keep the housing market chugging along at a healthy level.
Signs of easing have also been apparent in the resale market. According to the latest data from the Ottawa Real Estate Board, June and July were the first months of 2003 to log gains in the number of homes sold from the comparable months of 2002.
Both OREB and CMHC will be releasing August data within the next few days.
On the year-to-date, Statscan reported that Ottawa's non-residential construction sector remains solid, with permits up by 9.7 per cent to $422.23 million, thanks to a strong commercial segment. Commercial permits are up by 40.8 per cent on the year, while industrial is down by 18.7 per cent and institutional is off y 31.4 per cent.
By Ottawa Business Journal Staff
Mon, Sep 8, 2003 2:00 PM EST
Local builders took out fewer permits for new construction in July, Statistics Canada reported on Monday, with activity in the residential sector falling short of last year's levels.
A total of $142.5 million worth of building permits were taken out in July, down 7.06 per cent from the June tally of $153.33 million.
The weakness was widespread. In the housing sector, permits for single-family homes were down by 3.4 per cent, while more affordable multiple dwelling units such as condos and row houses were off by 10.7 per cent. Overall, residential permits fell more than six per cent in July, to $84.87 million from $90.38 million in June.
In the non-residential sector, declines in permits in the industrial and institutional segments overwhelmed a 103-per-cent jump in the commercial segment. The total value of non-res permits issued in July fell more than eight per cent, to $57.63 million.
Ottawa's housing market, characterized in recent years by huge price spikes, pent-up demand and a record number of construction starts, is expected to ease off to a more sustainable level of activity in 2003.
In July, that easing pattern appeared well-entrenched, with the year-to-date total of residential permits falling below last year's levels for the first time.
Residential building permits issued during the first seven months of 2003 totalled $593.06 million, down 10.8 per cent from $664.99 million in the same period of 2002. Singles are down by 10.6 per cent, while multiples are off by 11.2 per cent.
Last month, Canada Mortgage and Housing Corp. reported that housing starts fell off in July, down 13.2 per cent from June and 13.5 per cent from July 2002.
Building permits are a leading indicator of activity in the construction market, while housing starts are a lagging indicator.
However, CMHC has said repeatedly that strong job growth in the nation's capital over the past year, as well as mortgage rates that remain at historic lows, will keep the housing market chugging along at a healthy level.
Signs of easing have also been apparent in the resale market. According to the latest data from the Ottawa Real Estate Board, June and July were the first months of 2003 to log gains in the number of homes sold from the comparable months of 2002.
Both OREB and CMHC will be releasing August data within the next few days.
On the year-to-date, Statscan reported that Ottawa's non-residential construction sector remains solid, with permits up by 9.7 per cent to $422.23 million, thanks to a strong commercial segment. Commercial permits are up by 40.8 per cent on the year, while industrial is down by 18.7 per cent and institutional is off y 31.4 per cent.
