In August, the municipalities in Canada issued building permits worth $ 7.5 billion. USA, which is 5.5% less than in July. This was the second consecutive monthly decline. Despite this decline, the annual value of building permits (January-August) increased by 8.7% compared to the same period in 2016, reflecting an increase in apartment buildings in the amount of $ 3.1 billion. USA.
General permit for the construction of multi-family homes in Canada dropped in August, and was 6.0% lower than in July. However, since 2009 this sector continues to grow.
This rising trend has gradually closed the gap between the cost of apartment houses and single family dwellings. June 2017 was the first month where the value of residential permits for Canada exceeded the value of permits for single family homes. Overall, the multifamily component in June was 294,3 million. United States has a higher proportion of one family, and in July is higher by $ 8.1 million. USA.
The value of multifamily permits in the Metropolitan area census (CMA) of Montreal exceeded permit one family on 278,0 million. The United States in August, which is the largest difference in cost of these two components in a series of records for this CMA. Historically, multi-family permits were higher values in every month since December 2010.
Similarly, the value of multi-family permits in the Vancouver CMA exceeded single-family permits 236,0 million. The United States in August and 425,3 million. USA in July. During both months, building permits in Vancouver has been a major factor in the total cost multi-family housing permits.
Population density may stimulate this development. The results of the census 2016 shows that Vancouver has the highest population density in the country, at 5 492,6 people per square kilometer. As for the city of Montreal, it occupies the upper part, the population density is 662,1 4 people per square kilometer. With little space for growth, building permits in these municipalities continued to support growth with multifamily housing being built to meet housing needs.
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