Building Permits in Canada See Significant Increase in November, Led by Multi-Family and Non-Residential Sectors

Statistics Canada released Building permits report for November 2022 showing a significant increase in the value of building permits following two consecutive monthly losses. The value of building permits rose 14.1% to $11.0 billion and on a constant dollar basis, the increase was 12.3% rise to $6.5 billion.

The multi-family dwelling component saw particularly strong growth, with a 19.0% increase in the value of building permits. Ontario contributed significantly to this growth, with 21 permits for new condominiums and apartments valued at over $10 million. In contrast, the value of building permits for single-family dwellings has dropped for six consecutive months.

The non-residential sector also saw an increase in the value of building permits, with a 14.9% rise to $3.9 billion in November. The institutional component saw particularly strong growth, with a 40.6% increase in the value of permits. This was largely due to a new courthouse planned for development in Toronto, valued at just over $500 million, which helped to offset losses in six provinces. The industrial component also showed strong progress, with a 32.4% increase in the value of building permits following significant gains the previous month. Ontario led the way in this sector, with a $425 million permit for a manufacturing plant in Toronto.