Building permit values rise in October

Building permits, October 2023. (Source: Statistics Canada, Table 34-10-0066-01, Building permits, by type of structure and type of work.)

The monthly value of building permits in Canada increased 2.3 per cent to reach $11.2 billion in October, reports Statistics Canada. Gains were led by the non-residential sector.

The total value of those non-residential sector permits increased 5.3 per cent to $4.1 billion in October. Growth was concentrated in Ontario, which jumped 16 per cent to $2 billion as a significant increase in construction intentions in the institutional component kicked in. The largest permit issued for the month was for the construction of a new hospital wing in Toronto.

Construction intentions grew by 29.2 per cent in the institutional sector, to $1.4 billion. The industrial component was up 11.9 per cent at $973.8 million. And the commercial component was a soft spot for a second consecutive month, with a 10.5 per cent dip, landing at $1.8 billion.

Permit values in the commercial component have been trending down since the record high of $2.9 billion in March. Year over year, the value of commercial permits issued in October was 11.9 per cent less than the value of those issued in October 2022.

The total monthly value of residential building permits edged up 0.6 per cent to $7.1 billion in October, following a 2.8 per cent gain in September. In October. Growth in residential permit values for Ontario (7.4 per cent), Alberta (14.8 per cent) and Quebec (seven per cent) offset declines in the remaining seven provinces. Year-over-year residential construction intentions were up 16.1 per cent compared with October 2022.

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

www.statcan.gc.ca