The monthly total value of building permits in Canada decreased 4.0 percent in January to $9.8 billion. The residential sector declined 6.6 percent to $6.1 billion in January, while the non-residential sector was relatively stable, increasing a modest 0.7 percent to $3.7 billion.
The downward trend of multi-family homes continued as construction intentions declined 8.3 percent in January. Most of the decline stemmed from British Columbia (-27.9 percent or -$301.2 million) following a month of significant urban development intentions. Conversely, Manitoba posted a notable increase (+106.0 percent or +$63.0 million) in January.
Total permit values for single-family homes decreased 4.4 percent in January, with Quebec (-13.5 percent or -$74.6 million) contributing the most to the decline. Alberta (+0.8 percent) and British Columbia (+0.6 percent) were the only provinces to post increases for this component.
Commercial permit values increased 5.4 percent in January, with Ontario leading the charge (+22.8 percent). This was the second consecutive monthly increase as the component reached the third-highest recorded value since the start of the series (2011).
The value of building permits in the industrial component decreased 3.9 percent in January, with six provinces posting declines. After reaching its peak at over a billion dollars in November 2022, the component returned to more normal levels in January 2023.
Construction intentions in the institutional sector decreased 5.9 percent in January, with Quebec (-21.1 percent) having the biggest decline. Conversely, British Columbia jumped 43.8 percent due to an $87 million permit for an educational building in Kelowna.