According to Statistics Canada, municipalities issued building permits worth $8.2 billion in October, down 14.6 percent from the previous month. September's peak was the second highest value on record, with October's results more in line with recent months.
The total value of non-residential permits fell 29.5 percent to $2.5 billion in October, after there were several large permits issued the prior month. Ontario (-$868 million) was responsible for over four-fifths of the decline.
Commercial permits set a record decline, falling 40.9 percent to $1.2 billion in October, the lowest level since November 2011. The value of commercial permits in Ontario fell by 64.4 percent, following a record set in September due to the high-value permits issued for Project Python in Ottawa and the Breithaupt Block office buildings in Kitchener. Excluding Ontario, commercial permits for the rest of the country were stable compared with the previous month.
Industrial permits were down 19.8 percent in October to $582 million, with declines posted in every province. Quebec (-$60 million) and Prince Edward Island (-$55 million) recorded the most significant declines, with the latter issuing a permit for a manufacturing plant worth $50 million in the prior month.
Despite a gain of 153.7 percent or $79 million in Alberta, institutional permits decreased 9.9 percent nationally to $723 million. Quebec (-31.2 percent), Ontario (-15.5 percent) and Newfoundland and Labrador (-99.3 percent) registered the largest declines. The drop in Newfoundland and Labrador followed a $43 million jump in Corner Brook for a long-term care home permit issued in September.
Although the total value of residential permits decreased 5.9 percent to $5.7 billion in October after a record high in September, the value of residential permits continued to show strength. Excluding Ontario (-9.4 percent) and British Columbia (-12.0 percent), the rest of the country reported a slight increase for the month.
Following five consecutive monthly gains throughout the pandemic, permits issued for single-family dwellings declined 2.2 percent to $2.7 billion in October. Declines were reported in three provinces: Ontario (-8.7 percent), Newfoundland and Labrador (-8.0 percent) and New Brunswick (-3.4 percent). Nova Scotia posted the largest gain (+26.0 percent) as the city of Halifax cleared up a previous backlog of permits.
Permits issued for multi-family dwellings dropped 9.0 percent to $3.0 billion, with Ontario (-10.0 percent) and British Columbia (-18.2 percent) recording the most significant declines. Conversely, Nova Scotia (+79.5 percent) reported the largest increase as Halifax also cleared a backlog of permits for multi-family dwellings.