Value of Canadian building permits down 6.6 percent in July

Thursday, 01 September 2022 00:17:28 (GMT+3)   |   Sao Paulo
       

According to Statistics Canada, the total value of building permits in Canada declined 6.6 percent in July to $11.2 billion, mainly due to the residential sector, which fell 8.6 percent to $7.6 billion. The non-residential sector also dropped slightly by 2.1 percent.

In July, residential permits decreased 8.6 percent to $7.6 billion nationally. Strong gains in British Columbia and Quebec were more than offset by weak construction intentions in six other provinces.

Construction intentions in the single-family homes component declined 5.7 percent, as decreases in Ontario (-13.9 percent) more than offset the gains in six provinces. Despite the decline, this component remained 14.8 percent higher than the same month of 2021.

The value of building permits in the multi-family homes component dropped 11.1 percent. Declines were posted in six provinces, with Ontario (-32.8 percent) reporting the largest decrease. Conversely, British Columbia had a number of permits for condos and apartments, pushing the province's permits value up 9.3 percent.

In July, the total permit value of the non-residential sector decreased 2.1 percent to $3.6 billion. Gains in the commercial and institutional components were more than offset by losses in the industrial component.

The value of building permits in the industrial component tumbled 16.9 percent, largely due to Ontario (-31.1 percent), which had its third consecutive monthly decline. After nearing the billion-dollar mark back in January and April, the component has returned to more typical levels.

Commercial permit values edged up 0.1 percent; Alberta (+72.8 percent) had the highest increase, stemming from various permits issued in Calgary and Edmonton.

Construction intentions in the institutional component jumped 7.9 percent, with British Columbia (+207.2 percent) leading the charge. Weak results in June, as well as several large permits, contributed to the significant increase in July.


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