Value of Canadian building permits up 2.6 percent in November

Thursday, 10 January 2019 01:03:01 (GMT+3)   |   San Diego
       

According to Statistics Canada, Canadian municipalities issued $8.3 billion worth of building permits in November, up 2.6 percent from October. Higher construction intentions for commercial buildings drove most of the gain.

The value of non-residential building permits rose 11.6 percent to $3.3 billion in November. Construction intentions rose in five provinces, with British Columbia accounting for most of the gain.

In the commercial component, the value of building permits was up 16.8 percent to $2.1 billion, the highest level since May 2007. The increase was led by higher construction intentions for office buildings in the census metropolitan areas (CMAs) of Vancouver and Québec.

Following three consecutive monthly declines, the value of industrial building permits rose 21.9 percent to $527 million in November. The increase was mainly attributable to permits for new agricultural buildings.

In the institutional component, the value of permits was down 7.2 percent to $682 million in November, with Quebec and Newfoundland and Labrador reporting the largest decreases. The decline in the institutional component was largely attributable to fewer high value permits issued for nursing homes compared with the previous month.

In the residential sector, the value of building permits decreased 2.5 percent to $5.0 billion in November. There were declines in five provinces, most notably Ontario. Meanwhile, the largest gain was in Quebec.

The value of single-family permits fell 5.5 percent to $2.2 billion in November, after increasing 4.7 percent the previous month. Ontario reported the largest decline (-8.1 percent to $930 million)—the lowest reported value since January 2016.

In the multi-family dwelling component, municipalities issued $2.9 billion worth of building permits in November, edging down 0.1 percent from October. Ontario reported the largest decrease (-$232 million), which was largely offset by a $204 million gain in Quebec.

In November, municipalities approved the construction of 19,378 new dwellings (-3.1 percent), consisting of 4,725 single-family units (-7.0 percent) and 14,653 multi-family units (-1.8 percent).


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