Single-family home building permits see gains in August
October 12, 2023 | By HPAC Magazine
August marked the fourth consecutive monthly increase in the value of single-family home permits across Canada.
The total month-over-month value of building permits in Canada increased 3.4% in August to $11.9 billion, with strong overall gains in the non-residential sector offsetting modest declines in multi-unit residential construction intentions.
The total monthly value of residential permits declined 3.7% in August, led by weaker multi-unit construction intentions in Manitoba (-44.9%), Nova Scotia (-27.3%), Ontario (-15.8%), and Quebec (-7.9%).
These declines were offset by gains in the value of single-family home permits.
Across Canada, this component was up 5.5% in August, marking the fourth consecutive monthly increase for single-family home permits. This uptick follows a year of trending decline in construction intentions for single family homes from May 2022 to April 2023.
[*Removing the effect of changes in construction costs, on a constant dollar basis, the value of single-family home permits stood at $1.5 billion in August, still below the average monthly pre-COVID-19 pandemic levels of 2019 ($1.8 billion).]
The total monthly value of non-residential permits rose 14.8% to $5 billion in August, with gains concentrated in Ontario (+28.5%) and B.C. (+45.5%).
Notable high-value permits were issued in August for two hospital renovations (in Toronto and North Vancouver), a new university building in Kelowna, a new correctional facility in Thunder Bay, and a new arena in Whitby.