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Value of Canadian building permits down 3.9 percent in November

Tuesday, 09 January 2024 22:28:29 (GMT+3)   |   San Diego
       

According to Statistics Canada, the total monthly value of building permits in Canada decreased 3.9 percent from October to $10.9 billion in November, with declines posted across almost all building type components.

Despite eight provinces with monthly gains in residential construction intentions, the total value of residential permits declined 2.8 percent overall to $7.0 billion in November.

British Columbia (-19.4 percent; -$249.3 million) and Quebec (-17.3 percent; -$231.0 million), both driven by month-over-month declines in the multi-unit component, more than offset the residential gains in the rest of the country in November.

The Atlantic provinces collectively increased 30.0 percent in residential permit values to $421.8 million in November, the highest monthly value for the region in the first 11 months of 2023. Similarly, in November, the Prairie provinces ($1.4 billion) posted their highest monthly level in the first 11 months of 2023, up 9.8 percent from October. To round out residential construction intentions in November, the territories increased 10.6 percent to $7.4 million, while Ontario edged up 2.1 percent to $3.0 billion.

The total monthly value of non-residential building permits decreased 5.8 percent from October to $3.9 billion in November. All three non-residential components declined, with the commercial component decreasing for the third consecutive month, down 3.5 percent from October.

Permit values in the commercial component have been trending down since the record high of $2.9 billion in March 2023. Year over year, the $1.7 billion value of commercial permits issued in November 2023 was 16.2 percent less than November 2022 levels.

On a constant dollar basis, commercial construction intentions were down 18.2 percent year over year in November, while the overall value of non-residential permits declined 10.1 percent.


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