Statistics Canada releases building permits March 2024

According to Statistics Canada, the total value of building permits in Canada decreased 11.7 per cent to $10.5 billion in March. Construction intentions in the non-residential component declined 16.7 per cent to $4.0 billion, while the residential sector decreased by 8.3 per cent to $6.5 billion. Declines were observed in all components except for the commercial component.

On a constant dollar basis (2017=100), the total value of building permits fell 11.6 per cent in March, following two consecutive months of increases.

Monthly declines in industrial construction intentions push down the non-residential sector

Non-residential construction intentions decreased 16.7 per cent to $4.0 billion in March, with reductions in the industrial and institutional components. The large decline in the industrial component was due to the lack of major industrial permits issued in March compared with February, which was the second-highest monthly level recorded.

The commercial component tempered the declines in the non-residential sector by growing 5.8 per cent to $2.2 billion in March.

Ontario drives monthly downturn in residential sector

The value of residential building permits decreased 8.3 per cent to $6.5 billion in March. Ontario led the decline in value for both single-family and multi-family dwelling permits. Despite the overall decline, the residential sector grew in Quebec, Prince Edward Island, Saskatchewan, Newfoundland and Labrador and Manitoba.

Across Canada, 16,800 new multi-unit dwellings and 4,200 new single-family homes were authorized in March. From April 2023 to March 2024, a total of 260,200 new units were authorized.