Value of Canadian Building Permits Climbs in September

On Wednesday, Statistics Canada (StatCan) reported that the total value of building permits issued in Canada rose 4.5% in September to CA$11.7 billion, an increase of $504.8 million from August.

On a constant dollar basis (2023=100), the total value increased 4.2% month-over-month.

Residential Construction

Residential construction intentions increased $335.3 million to $7.3 billion in September. The multifamily component rose $252.2 million, while the single-family component increased $83.1 million.

A total of 231,100 single-family and multifamily units were authorized on an unadjusted basis from January through September, compared with 215,200 units during the same period a year earlier.

Nonresidential Construction

The value of nonresidential building permits increased $169.6 million to $4.4 billion in September. The commercial component rose $205.4 million, and the industrial component increased $104.8 million. The institutional component decreased $140.6 million, partially offsetting gains in the sector.

Q3 Overview

The total value of building permits in Q3 fell 5.4%, or $2.0 billion, to $34.6 billion, marking a second consecutive quarterly decline. Single-family construction intentions edged lower to $26.0 million, and nonresidential construction intentions declined to $13.2 billion.