According to Statistics Canada, the total monthly value of building permits in Canada dropped 18.8 percent to $9.6 billion in April, the lowest level since December 2020.
Following a record high in March, the total monthly value of non-residential permits fell 34.6 percent to $3.4 billion in April. The drop was observed across all components but was most pronounced in commercial (-40.2 percent or -$1.1 billion) and industrial (-49.6 percent or -$663.8 million) construction intentions.
On a seasonally unadjusted basis, the average commercial permit was valued at $433,000 in April compared with $901,000 in March. Similarly, the average industrial permit was valued at $413,000 in April compared with $1.7 million in March. The significantly lower average permit values show that the monthly declines in April are attributed to exceptionally high volumes of large-scale projects in March.
The total monthly value of residential permits declined 6.1 percent to $6.1 billion, sliding for the second consecutive month. Declines were posted for both the single-family and multi-dwelling components.
Ontario (down 10.5 percent or -$296.4 million) greatly contributed to the monthly decrease in the residential sector.
British Columbia (up 2.6 percent or +$35.1 million) and Saskatchewan (up 45.0 percent or +$15.2 million) were the two provinces to post monthly growth in residential construction intentions.