According to Statistics Canada, the total value of building permits in Canada decreased 9.3 percent in March to $11.7 billion, mainly due to the non-residential sector (-29.5 percent to $3.7 billion). Two large hospital permits issued in February pushed that month's total to a record high.
Construction intentions for single family homes were up 3.3 percent, reaching the highest value since March 2021, with Ontario registering the largest gain (+12.0 percent).
The value of multi-family building permits rose 6.0 percent nationally, helped by high value projects such as a $457 million permit for the Ravine condos in the city of Toronto.
The total value of non-residential sector permits fell 29.5 percent in March, largely due to the institutional component (-58.5 percent) returning to more normal levels after two large hospital permits were issued in February. Commercial building intentions in March saw a 7.2 percent decline, while industrial construction (+2.8 percent) was the only component to post an increase.