Total Value of Canadian Building Permits Increases 20.5% Month-Over-Month in April

On Tuesday, Statistics Canada (StatCan) reported that the total value of building permits in Canada increased 20.5% month-over-month to $12.8 billion (CAD) in April. On a constant dollar basis (2017=100), the total value of building permits increased 20.7% to the highest level since June 2023.

Residential Construction

Construction intentions in the residential sector increased 21.0% to $8.0 billion. Growth was driven by record high levels in the multi-unit component, which posted an increase of 32.6% to $5.4 billion. The single-family component edged 2.4% higher to $2.6 billion. Across Canada, 4,300 new single-family homes were authorized in April.

Despite a strong month of April, the 12-month cumulative total of 267,700 units authorized from May 2023 to April 2024 saw little change, increasing by 200 units, or just 0.1%, compared to the 267,500 units authorized from May 2022 to April 2023.

Nonresidential Construction

The nonresidential sector rose 19.6% to $4.8 billion in April, with growth observed in all components. Growth in the commercial sector increased 21.3% to $470.7 million. The institutional sector grew 17.7%, or $191.5 million, and the industrial sector increased 17.4% to $126.0 million.

Broad-based growth in British Columbia—up 149.9%, or $605.6 million—drove the increase in the nonresidential sector across Canada.