Total Value of Canadian Building Permits Declined in January

Statistics Canada (StatCan) reported on Friday (3-3-23) that the total monthly value of building permits in Canada declined 4.0% in January to $9.8 billion (CAD). On a constant dollar (2012=100) the total value of building permits dropped 3.2% to $5.8 billion. In January eight out of the ten provinces reported decreases.

Residential permits declined 6.6% to $6.1 billion in January, with seven out of ten provinces posting decreases. The downward trend of multifamily homes continued as construction intentions fell 8.3%. Total permit value for single-family homes dropped 4.4%.

The total value of non-residential sector permits increased 0.7% to $3.7 billion in January. Commercial permit values rose 5.4%. This was the second consecutive monthly gain in the commercial component, which reached the third-highest level recorded in value since the start of the series in 2011. That was offset by a 3.9% decline in the value of building permits in the industrial sector, with six provinces posting losses. The industrial sector also posted a 5.9% decline in January.