{"id":26851,"date":"2024-08-13T06:41:03","date_gmt":"2024-08-13T13:41:03","guid":{"rendered":"https:\/\/essential.construction\/news\/building-permits-for-june-2024\/"},"modified":"2024-08-13T06:41:05","modified_gmt":"2024-08-13T13:41:05","slug":"building-permits-for-june-2024","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/building-permits-for-june-2024\/","title":{"rendered":"Building permits for June 2024"},"content":{"rendered":"

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(Adobe Stock)<\/p>\n<\/div>\n

Statistics Canada<\/a> has released its building permits for June 2024.<\/p>\n

The total value of building permits in Canada fell 13.9 per cent to $9.9 billion in June, extending the decline observed in May. Decreases were reported in 11 of the 13 provinces and territories, with both residential and non-residential sectors experiencing reductions.<\/p>\n

On a constant dollar basis, the total value of building permits declined 14.3 per cent in June, following a 13.4 per cent decline in May.<\/p>\n

Single-family dwelling permits see modest growth amid overall residential decline<\/h4>\n

The total value of residential permits decreased 11.5 per cent to $6.5 billion in June. Overall, nine of the 13 provinces and territories contributed to this decline in residential permits.<\/p>\n

Substantial declines in multi-unit construction intentions led the overall residential decline in June. Ontario and British Columbia drove the drop in multi-family dwelling permit values, with Ontario reporting the largest monthly decrease since December\u00a02023.<\/p>\n

Meanwhile, construction intentions in single-family homes moved up four per cent to $2.6 billion in June 2024.<\/p>\n

In June, Canadian municipalities authorized 20,400 dwelling units, bringing the total over the last 12 months to 263,400 units since July 2023.<\/p>\n

Decline in industrial and commercial construction intentions slows non-residential sector<\/h4>\n

The total value of non-residential sector permits decreased 18.1 per cent to $3.5 billion in June 2024. The industrial component dropped 42.6 per cent in June, following a 21.3 per cent increase in May. Meanwhile, monthly declines in the commercial component outweighed modest gains in the institutional component across Canada.<\/p>\n

Ontario drives second quarter gains to a record high in multi-unit construction intentions in Canada<\/h4>\n

The total value of building permits in the second quarter was $34.6 billion, up 2.1 per cent from the first quarter. This represents a second consecutive quarterly increase and the fourth highest quarterly value in the series.<\/p>\n

Construction intentions in the residential sector grew 6.9 per cent to $22.2 billion in the second quarter. The growth was driven by Ontario\u2019s residential sector which posted significant gains in the multi-unit component. This led to a national record of $14.4 billion in the second quarter, surpassing the previous all-time high of $13.2 billion recorded in the second quarter of 2023.<\/p>\n

The growth in the multi-unit component in the second quarter of 2024 was driven by several significant multi-unit permits issued in the City of Toronto, the largest of which was issued in April and valued at approximately $900 million. Excluding the Toronto census metropolitan area, the total value of multi-unit residential building permits in Canada declined 2.2 per cent in the second quarter. However, growth in the multi-unit component was seen in seven provinces, notably Quebec , Manitoba , Prince Edward Island and Saskatchewan.<\/p>\n

Across Canada, 70,200 residential units were authorized in the second quarter, up 9.1 per cent from the first quarter.<\/p>\n

Overall growth in the value of building permits from the first to the second quarter was tempered by declines in non-residential construction intentions. The non-residential sector decreased 5.6 per cent in the second quarter, with all three components declining. The industrial component \u00a0had the largest decline, followed by the commercial and institutional\u00a0components.<\/p>\n

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