Atlantic and Prairie provinces experience a surge in residential permit values.
January 9, 2024 | By HPAC Magazine
The Atlantic provinces collectively increased 30% in residential permit values in November.
Statistics Canada’s latest report on the total monthly value of building permits in Canada, which shows trends in new construction intentions, revealed an overall 3.9% decrease in November when compared with October, with declines posted across almost all building categories, with overall declines in Ontario, Quebec and B.C.
Despite eight provinces showing some monthly gains in residential construction intent, the total value of residential permits declined 2.8% overall to $7 billion in November.
British Columbia (-19.4%) and Quebec (-17.3%) were both driven by month-over-month declines in the multi-unit component which more than offset the residential gains in the rest of the country in November.
The Atlantic provinces collectively increased 30% in residential permit values in November, the highest monthly value for the region in the first 11 months of 2023. Similarly, the Prairie provinces posted their highest monthly level in the first 11 months of 2023, up 9.8% from October. In addition, the territories increased 10.6% to $7.4 million, while Ontario edged up 2.1% to $3.0 billion.
The total monthly value of non-residential or ICI (industrial, commercial and institutional) building permits category decreased 5.8% from October to $3.9 billion in November. All three non-residential components declined, with the commercial component decreasing for the third consecutive month, down 3.5% from October.
Permit values in the commercial component have been trending down since achieving a record high of $2.9 billion in March 2023. Year over year, the $1.7 billion value of commercial permits issued in November 2023 was 16.2% less than November 2022 levels.
