Total Value of Canadian Building Permits Decline in October as Residential Construction Weakens
Building permits, October 2022
Statistics Canada (StatsCan) reported today (12-5-22) that the total value of building permits in Canada fell 1.4% to $10.0 billion (CAD) in October. On a constant dollar basis (2012=100), the total value of building permits decreased 0.9% to $6.0 billion.
The value of residential permits declined 6.4% to $6.5 billion in October. The number of new residential units decreased 4.6%. The value of building permits in the multi-family component dropped 6.9%. The single-family component declined 5.8%, as eight provinces reported a drop in construction intentions.
The total permit value of the non-residential sector increased 9.5% to $3.5 billion in October. Construction intentions in the commercial component increased 18.0%. The value of building permits in the industrial component increased 16.2%. The institutional component continued to slow and posted a 17.1% decline, following a 38.2% decrease in September and reaching its lowest value since May 2020.
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