Demand for Residential Building Permits Continues to Grow
The monthly value of building permits across the country increased 6.8% to $11.2 billion in November 2021, pulled along by construction intentions in the residential sector which rose 12%.
The latest data from Statistics Canada reveals that the total value of building permits across the country increased 6.8% to $11.2 billion in November 2021 over the previous month. Nationwide, construction intentions in the residential sector rose 12% while the non-residential sector showed a slight decline of 3.4%.
Residential permit momentum continues
The month-over-month growth of construction intentions for the residential sector reached its highest level since a record set in March 2021 on a national basis, and for November the greatest rise was seen in British Columbia (+31.7%).
The total value of multi-family permits saw 20.2% growth over the previous month, where a $256 million permit for the Plaza One residential tower in Surrey pushed British Columbia 53.9% higher for the month.
Single family home permits rose 3.3% across the country, and in Nova Scotia the value of single-family permits rose 35.9% to a record value of $118 million in November.
Institutional component weighs down non-residential sector
The value of institutional permits fell 49.2% in November to $613 million, reversing growth seen in October. It was the lowest value for institutional permits since April 2020.
Optimism is alive in construction intentions for the commercial sector which overall saw a rise of 14.3% across the country, with Alberta (+140.2%) leading the growth, thanks in part to a $316 million permit approved for the BMO convention centre expansion in Calgary.
Industrial permits rose 45.1% in November following a downturn in October. Much of the growth was from Ontario (+98%), where permits reached their highest level since August 2019.
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May 11, 2022