Strong month for housing leads to increase in permit values in November
A sharp increase in the value of residential-sector activity helped propel November’s building-permit totals to more than $11 billion.
Statistics Canada’s latest report on the value of building permits shows an overall increase of 6.8 percent—to $11.2 billion, with seven provinces reporting increases.
Permit values in the residential sector rose for the third consecutive month, this time by 12 percent to a total of $7.8 billion. November’s figure was the highest since March 2021, when the sector set a record. Growth in the sector was driven mostly by British Columbia.
The total value of multi-family permits bounced back 20.2 percent after the previous month's decline of 8.5 percent. A $256-million permit for the Plaza One residential tower in Surrey pushed British Columbia 53.9 percent higher for the month.
Permits for single-family homes rose 3.3 percent, reflecting strength in Ontario (+4.2 percent) and Quebec (+8.3 percent). In Nova Scotia, the value of single-family permits rose 35.9 percent to a record value of $118 million in November.
Meanwhile, the value of non-residential permits dropped 3.4 percent, despite notable growth in the commercial and industrial components.
The value of permits in the institutional sector fell 49.2 percent in November to $613 million. This was the lowest level for institutional permits since April 2020.
Construction intentions in the commercial component rose by 14.3 percent. Alberta (+140.2 percent) led the growth, with a $316-million permit approved for the BMO convention centre expansion in Calgary.
Finally, the value of industrial permits rose 45.1 percent in November following a strong downturn in October. Much of the growth was from Ontario (+98.0 percent), where permits reached their highest level since August 2019.