According to Statistics Canada, the total value of building permits in Canada declined 1.4 percent in October to $10.0 billion. Losses in the residential sector more than offset gains from the non-residential sector.
The value of residential permits declined 6.4 percent to $6.5 billion nationally in October. Similarly, the number of new residential units decreased 4.6 percent, mainly due to single-family dwellings (-9.3 percent) which fell for the fifth consecutive month.
The value of building permits in the multi-family component decreased 6.9 percent, with Ontario posting its second consecutive decline after reaching its peak in August. Nova Scotia also recorded a large decline following its record high in September.
The single-family homes component declined 5.8 percent in October as eight provinces posted a drop in construction intentions. Conversely, Manitoba saw a notable increase of 14.3 percent following two weaker months.
The total permit value of the non-residential sector increased 9.5 percent to $3.5 billion in October.
Construction intentions in the commercial component sharply increased by 18.0 percent in October. Ontario posted the largest gain, with multiple projects valuing over $20 million, while in September, one permit was reported above this level.
The value of building permits in the industrial component sharply increased by 16.2 percent, largely due to Ontario, which reported a $114 million permit for a water/sewer project in Erin. New Brunswick also posted notable gains, with three projects valuing over $5 million each.
The institutional component continued to slow as it dropped 17.1 percent in October, following a 38.2 percent decrease the previous month, reaching its lowest value since May 2020.