Building permit values dropped by just under 6% in November, reaching $11.7 billion for the month, with both sectors reporting contractions.

The total value of residential permits decreased by $588.1 million (-7.5%) to $7.2 billion. Multi-unit construction intentions (-$522.3 million) drove the decrease, while the single-family component (-$65.8 million) contributed modestly to the decline.

The decrease in the multi-unit component in November was driven by British Columbia (-$375.4 million), and was largely due to lower construction intentions in Vancouver.

Across Canada, municipalities authorized 17,300 multi-family dwellings and 4,700 single-family dwellings for construction. That figure represents a 15% monthly decrease in the total number of units approved. The 12-month total number of units authorized from December 2023 to November 2024 rose 2.4% to 273,300, compared with 267,000 units authorized over the same period one year earlier.

Meanwhile, non-residential construction intentions decreased by $151.4 million (-3.2%) to $4.5 billion in November, driven by Ontario (-$414.2 million).

Gains in British Columbia (+$139.4 million), Quebec (+$111.9 million), Prince Edward Island (+$74.1 million) and four other provinces tempered the decline.

Overall, the industrial component (-$238.6 million) fell, while the institutional (+$60.9 million) and commercial (+$26.3 million) components increased.

Ontario's industrial (-$372.5 million) and commercial (-$159.5 million) components decreased in November, while the institutional component (+$117.8 million) tempered the decline.

In British Columbia, both the institutional (+$92.5 million) and commercial (+$67.0 million) components led the non-residential sector growth in the province, while Quebec's non-residential sector was boosted by growth in the industrial component (+$201.5 million), driven by construction projects for a cathode active precursor materials facility in Bécancour and a large transit service centre in Québec.