April building permits point to cooling real estate market | Money | #Toronto #realestate

Chttps://i0.wp.com/images02.olx.ca/ui/3/38/85/57893385_1.jpgommercial projects cranked up the value of building permits sold in April by 5% as residential property building cooled off, government figures released Friday show. 

The dollar figure associated with building permits hit $6.7 billion in the month, Statistics Canada said.

The non-residential sector saw permits rise for the third straight month and were up 32% to $2.8 billion. This includes buildings intended for commercial use as well as institutional use, such as schools and hospitals.

Gains in the commercial sector, with especially high retail and office space activity in Alberta and Ontario, more than offset the decline in the residential sector, which dropped 8% from March to $3.9 billion.

The decline was mostly due to slowdowns in single and multi-family dwelling permits in British Columbia, Ontario and Quebec, StatsCan said.

The fall in April residential building permits coincides with a recent report by the Canadian Real Estate Association that said the national property market peak has come and gone. CREA slashed its growth forecast for the market on Wednesday citing a cooling in the red-hot markets of B.C., Alberta and Ontario.

National sales activity is now expected to rise 5.5% to 490,600 units this year, down from a February forecast for a gain of 13.3% to 527,300, CREA said.

Prices are now estimated to rise 1.6% to a record $325,400, down from February forecasts for a 5.4% gain.

Recent news is expected to subdue concerns Canada’s real estate market is headed for bubble territory.

 

Posted via web from Toronto Real Estate News, Blog

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About Tariq Sultan
Dear Readers, I am a dedicated Toronto, Ontario based real estate professional who has been successfully meeting and exceeding the needs of his clients for past several years. I am actively involved in the insurance, financing, and mortgage industry. Real estate is not only my career – it is my passion. I strive to continuously provide my clients with exceptional service to ensure they are fully satisfied when it comes to their real estate needs. For any real estate related inquires contact me today, I will be happy to assist you. Best wishes, Tariq Sultan

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