Demand for residential building permits trending up
September 7, 2023 | By HPAC Magazine
July 2023 represented the third consecutive monthly increase in single-family home permits, up 7.6%.
Although the overall monthly value of building permits in Canada declined 1.5% in July compared with the month prior, the residential sector saw a monthly gain of 5.4%, according to the latest release from Statistics Canada.
The total monthly value of residential permits increased to $7.4 billion in July; with Ontario leading the way in value of both single-family and multi-family dwelling permits with a 23.9% increase to $3.5 billion.
Across the country, July represented the third consecutive monthly increase in single-family home permits, up 7.6%, and Stats Can notes that “this prolonged uptick followed a year of trending decline in construction intentions for single-family homes from May 2022 to April 2023.”
Overall, permits for 22,300 new dwellings were issued in July, representing a cumulative total of 150,400 new intended units in 2023, 10.9% less than the 168,800 new intended units from permits issued from January to July 2022.
The significant month-over-month drop in the value of non-residential permits (-11.5%) in July, was due to high value hospital permits issued in June. So the institutional sector was down almost 20% in July.
Construction intentions in the commercial component were also down (-10.8%) for the month, while the industrial component remained relatively flat (-1.0%).
