Total Value of Building Permits Increases in November
January 9, 2023 | By Logan Caswell
The 14.1% boost in November follows two consecutive monthly losses.
(Source: Statistics Canada)
Statistics Canada has announced the total value of building permits in Canada jumped 14.1% in November to $11.0 billion, rebounding after two consecutive monthly losses.
Multi-unit home component drives residential sector growth
The value of residential permits increased 13.7% to $7.1 billion nationally in November.
The value of building permits in the multi-family home component was up 19.0%. Ontario contributed to much of the growth with 21 permits for new condominiums and apartments valued at over $10 million. The total number of planned dwelling units in Ontario grew 60% month over month, returning to historical averages reported over the last three years.
The single-family home component advanced 7.1% following four consecutive monthly declines. Gains were posted in seven provinces. Despite the increase in value, the number of dwelling units posted its sixth consecutive monthly decrease.
Ontario pushes up non-residential sector
The total permit value of the non-residential sector rose 14.9% to $3.9 billion in November.
The value of permits in the institutional component strongly increased (+40.6%). Much of the gain was because of a new courthouse planned for development in Toronto valued at just over $500 million. This project helped offset losses posted in six provinces.
The value of building permits in the industrial component showed a strong progression (+32.4%) following significant gains the previous month. Ontario led the way with a $425 million permit for a manufacturing plant in Toronto.
Construction intentions in the commercial component edged down 0.6%, mostly because of losses posted in British Columbia.
