Value of Canadian Building Permits Declines 6.6% in April

On Wednesday, Statistics Canada (StatCan) reported that the total value of building permits issued in Canada decreased by 6.6%, or CA$829.6 million, to $11.7 billion in April.

On a constant dollar basis (2023=100), the total value of building permits issued in April fell by 6.6% from the previous month and by 16.4% year-over-year following a strong upward movement in April 2024.

Residential

In April, residential construction intentions declined 11.6%, or $967.7 million, to $7.4 billion. The multifamily segment was down $882.5 million and was the primary contributor to this decline, while the single-family component declined by $85.2 million, contributed to a lesser extent.

Across Canada, 21,400 multifamily dwellings and 4,200 single-family dwellings were authorized for construction in April, marking a 6.5% decrease in the total number of units authorized compared with the previous month.

Nonresidential Permits

The total value of nonresidential building permits issued in April rose by 3.3%, or $138.2 million, to $4.3 billion.

The industrial sector grew by $186.8 million and the commercial sector increased by $68.6 million. Those gains were offset by a moderated decline in the institutional component, which fell $117.2 million.

Overall, the increase in nonresidential construction intentions was driven by an increase of $352.7 million in Ontario but was tempered by a $352.7 million decline from British Columbia.