October Residential Permit Value Relatively Unchanged Compared with September
December 11, 2023
The total value of building permits in Canada increased 2.3% from September to $11.2 billion in October, led by gains in the non-residential sector.
On a constant dollar basis (2012=100), the total value of building permits was up 2.2% to $6.4 billion in October.
Institutional projects lead non-residential construction intention gains
The total value of non-residential sector permits increased 5.3% to $4.1 billion in October, with gains being concentrated in Ontario (+16.0% to $2.0 billion). This was attributable to a significant increase in construction intentions in the institutional component (+29.2% to $1.4 billion). In October, the largest permit issued was for the construction of a new hospital wing in Toronto.
Construction intentions in the industrial component (+11.9% to $973.8 million) also saw gains in October, while the commercial component (-10.5% to $1.8 billion) posted its second consecutive monthly decline.
Permit values in the commercial component have been trending down since the record high of $2.9 billion in March. Year over year, the value of commercial permits issued in October ($1.8 billion) was 11.9% less than the value of those issued in October 2022 ($2.0 billion).
Total value of residential permits relatively unchanged compared with previous month
The total monthly value of residential building permits edged up 0.6% to $7.1 billion in October, following a 2.8% gain in September. In October, gains in residential permit values for Ontario (+7.4% or +$199.9 million), Alberta (+14.8% or +$125.5 million) and Quebec (+7.0% or +$89.0 million) offset declines in the remaining seven provinces. Year-over-year residential construction intentions were up 16.1% in October compared with October 2022.
Across Canada, 18,100 new dwellings in multi-unit buildings and 4,600 new single-family dwellings were authorized.
Go HERE for more information
