Value of Canadian Building Permits Rises in June

On Wednesday, Statistics Canada (StatCan) reported that the total value of building permits issued in Canada rose 18.5% in June to CA$14.9 billion, an increase of $2.3 billion from May. On a constant dollar basis (2023=100), the total value rose 18.0% and was up 18.6% year-over-year.

Residential Construction

Residential construction intentions increased 6.3% ($479.7 million) to $8.1 billion in June.

The single-family component rose $196.0 million to $2.8 billion. Alberta led the increase with a $110.8 million gain, followed by Quebec at $85.4 million. British Columbia tempered the increase with a $30.8 million decline.

Multifamily construction intentions increased $283.7 million to $5.3 billion. The gain was driven by Quebec ($201.3 million), Alberta ($143.4 million), and Saskatchewan ($61.4 million). Overall, eight provinces and two territories contributed to the increase.

Nonresidential Construction

The value of nonresidential building permits rose $1.8 billion to $6.8 billion in June. The institutional component increased $1.5 billion to $3.2 billion, while the industrial component rose $268.8 million to $1.2 billion.

Q2 Review

In Q2, the total value of building permits increased $1.4 billion, or 3.7%, from the previous quarter to $40.4 billion. On a constant dollar basis (2023=100), the total value rose 2.7% to $36.6 billion.