Value of Canadian building permits down 2.1 percent in August

Monday, 04 October 2021 20:15:45 (GMT+3)   |   San Diego
       

According to Statistics Canada, the total value of building permits in Canada decreased 2.1 percent to $9.7 billion in August. Although most provinces reported increases, notable declines in Ontario and British Columbia pulled the national results lower compared with July.

Residential permits decreased 8.3 percent to $6.4 billion in August, the lowest level since March. Ontario and British Columbia drove most of the decline.

Construction intentions for multi-family units fell 15.9 percent, largely reflecting Ontario's decline (-24.3 percent). This was despite the approval of high value condominium projects in the city of Toronto.

In contrast, single family intentions were up slightly (+1.2 percent), led by a 15.7 percent gain in Quebec. Additionally, Newfoundland and Labrador (+0.7 percent) reported the first provincial increase in this component after six consecutive monthly declines.

Non-residential building permits rose 12.3 percent to $3.3 billion, led by higher construction intentions in Quebec and Alberta.

Commercial building permits were up 14.9 percent nationally, supported by Ontario's third consecutive month of growth. A 10-storey office building permit in the city of North York contributed to Ontario's gains.

The value of institutional building permits rose 21.9 percent in August. Much of this growth came from Quebec (+78.0 percent), largely reflecting a $116 million permit for an expansion of a hospital building in the city of Verdun.

Construction intentions for industrial buildings decreased 7.3 percent to $543 million in August. Nova Scotia reported the largest monthly percentage decrease (-90.9 percent), following a strong July which included a $40 million utility building permit issued by the city of Halifax.


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