Total Value of Canadian Building Permits Increases 2.3% Month-Over-Month in October

Statistics Canada (StatCan) reported on Thursday (12-7-23) that the total value of building permits in Canada, led by gains in the non-residential sector, increased 2.3% from September to $11.2 billion (CAD) in October. On a constant dollar basis (2012=100), the total value of building permits was up 2.2% to $6.4 billion.

The total monthly value of residential building permits edged 0.6% higher to $7.1 billion in October, following a 2.8% increase in September. Alberta, Ontario, and Quebec reported residential gains that were offset by declines in the remaining 7 provinces. Year-over-year, residential construction intentions were up 16.1%.

Across Canada, 18,100 new dwellings in multi-unit buildings and 4,600 new single-family dwellings were authorized.

The total value of non-residential sector permits increased 5.3% to $4.1 billion in October. Construction intentions in the industrial component increased 11.9% to $973.08 million. The commercial component posted its second consecutive monthly decline, falling 10.5% to $1.8 billion.

StatCan notes that the commercial component has been trending down since a record high of $2.9 billion in March. Year-over-year, the value of commercial permits issued are down 11.9% from $2.0 billion in October 2022 to $1.8 billion in October.