Building permits slide in January

(Source: Statistics Canada)

Statistics Canada reports that steep declines in commercial and multi-family residential projects were major contributors to a decrease of almost nine per cent in the seasonally adjusted value of building permits in January, which landed at $10.1 billion in the first month of 2022.

Overall, the residential sector fell 11.6 per cent to $6.7 billion, while the non-residential sector dipped 2.7 per cent to $3.4 billion.

The commercial component of the non-residential sector decreased by 10.2 per cent in January, which was the biggest factor pulling the non-residential sector lower. Even the 15.2 per cent rise in the industrial component could not fully offset that showing.

Construction intentions in the institutional component were down a slight 2.6 per cent. A bright spot in that component was a $102 million nursing home permit issued in North Bay that sparked Ontario to a 68.4 per cent gain over December.

Much of the drop in the residential sector was in the multi-family component, which fell 18.5 per cent. Intentions for single-family homes decreased by 3.8 per cent.

www.statcan.gc.ca