According to Statistics Canada, the total value of building permits in Canada increased 2.3 percent from September to $11.2 billion in October, led by gains in the non-residential sector.
The total value of non-residential sector permits increased 5.3 percent to $4.1 billion in October, with gains being concentrated in Ontario (+16.0 percent to $2.0 billion). This was attributable to a significant increase in construction intentions in the institutional component (+29.2 percent to $1.4 billion). In October, the largest permit issued was for the construction of a new hospital wing in Toronto.
Construction intentions in the industrial component (+11.9 percent to $973.8 million) also saw gains in October, while the commercial component (-10.5 percent to $1.8 billion) posted its second consecutive monthly decline.
Permit values in the commercial component have been trending down since the record high of $2.9 billion in March. Year over year, the value of commercial permits issued in October ($1.8 billion) was 11.9 percent less than the value of those issued in October 2022 ($2.0 billion).
The total monthly value of residential building permits edged up 0.6 percent to $7.1 billion in October, following a 2.8 percent gain in September. In October, gains in residential permit values for Ontario (+7.4 percent or +$199.9 million), Alberta (+14.8 percent or +$125.5 million) and Quebec (+7.0 percent or +$89.0 million) offset declines in the remaining seven provinces. Year-over-year residential construction intentions were up 16.1 percent in October compared with October 2022.
Across Canada, 18,100 new dwellings in multi-unit buildings and 4,600 new single-family dwellings were authorized.