The total value of building permits issued in Canada dropped by by $739.5 million (-5.9%) to $11.7 billion in November 2024, marking a second consecutive month of decline. On a constant dollar basis (2017=100), the value decreased by 5.8% from October but rose 2.1% year-over-year. The decline was driven by significant reductions in both residential and non-residential sectors, according to Statistics Canada.
The residential sector recorded the largest decrease, with the total value of permits falling by $588.1 million (-7.5%) to $7.2 billion. Multi-unit construction intentions accounted for most of this drop, declining by $522.3 million, while single-family construction permits fell by $66 million. British Columbia experienced the largest regional decline, with multi-unit permits in the Vancouver area falling by $346.7 million. Across Canada, 17,300 multi-family dwellings and 4,700 single-family dwellings were approved in November, a combined 15% monthly decrease.
In the non-residential sector, permits decreased by $151.4 million (-3.2%) to $4.5 billion, with Ontario contributing significantly to the decline. Ontario’s industrial and commercial components fell by $373 million and $160 million, respectively, offset by a $118 million increase in its institutional component. Gains in other provinces, including British Columbia (+$139 million), Quebec (+$112 million), and Prince Edward Island (+$74 million), mitigated the overall decline. Notable projects included a cathode materials facility in Quebec and institutional developments in British Columbia and Prince Edward Island.
