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The total value of building permits issued in Canada decreased by $739.5 million (down 5.9 percent) to $11.7 billion in November, a second consecutive monthly decline. The residential sector led the decrease, followed by the non-residential sector. On a constant dollar basis (2017=100), the total value of building permits issued in November declined 5.8 percent from the previous month and was up 2.1 percent on a year-over-year basis.
Multi-unit construction intentions push-down the residential sector
The total value of residential permits decreased by $588.1 million (down 7.5 percent) to $7.2 billion in November. Multi-unit construction intentions (down $522.3 million) drove the decrease, while the single-family component (down $65.8 million) contributed modestly to the decline. The decrease in the multi-unit component in November was driven by British Columbia (down $375.4 million), largely due to lower construction intentions in the Vancouver census metropolitan area (down $346.7 million). Across Canada, 17,300 multi-family dwellings and 4,700 single-family dwellings were authorized in November, representing a 15 percent monthly decrease in the total number of units approved for construction. The 12-month total number of units authorized from December 2023 to November 2024 rose 2.4 percent to 273,300, compared with 267,000 units authorized over the same period one year earlier.