Value of Canadian building permits down 0.2 percent in October

Monday, 10 December 2018 23:55:00 (GMT+3)   |   San Diego

According to Statistics Canada, Canadian municipalities issued $8.1 billion worth of building permits in October, edging down 0.2 percent from September. The decrease was mainly attributable to lower construction intentions for industrial and institutional buildings.

The value of non-residential building permits fell 7.0 percent in October to $2.9 billion. Eight provinces posted declines, most notably British Columbia.

In the industrial component, the value of building permits fell 29.9 percent to $439 million, the third consecutive monthly decrease. Declines were reported in nine provinces, with Manitoba the lone province to post an increase.

The value of institutional building permits was down 8.7 percent in October to $733 million, after posting an increase of 16.7 percent the previous month. Lower construction intentions for hospitals, post-secondary institutions, and other government buildings were responsible for much of the decrease.

In the commercial component, $1.7 billion worth of building permits were issued in October, up 2.2 percent from the previous month. The gain was mainly attributable to higher construction intentions for office and retail complexes.

In the residential sector, the value of building permits increased 4.2 percent from September to $5.2 billion. Both multi-family and single-family dwellings posted gains.

The value of permits for multi-family dwellings rose 3.8 percent to $2.9 billion. Gains in Ontario (+$222 million) and British Columbia (+$115 million) more than offset a decline in construction intentions in Quebec (-$238 million). The overall increase was driven by higher construction intentions for apartment-condominiums.

In the single-family dwelling component, municipalities issued $2.3 billion worth of building permits in October, up 4.6 percent from September, the first increase in five months.

Municipalities approved the construction of 20,017 new dwellings in October, up 4.1 percent from the previous month. The increase stemmed from both multi-family dwellings, which rose 4.7 percent to 14,965 new units, and single-family homes, up 2.2 percent to 5,052 new units.

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