The total value of building permits rose 12.9% to $9.4 billion in November, the third highest value on record—with the highest value having been reached in April 2019. Much of this growth was led by large permits for multi-family dwellings in British Columbia and Ontario, and an office building in the city of Toronto.
Residential sector continues to show strength with record high
The value of residential permits rose to new heights in November, increasing 10.0% to $6.4 billion and breaking the previous record set in September 2020. Every province posted gains in this sector, except for Nova Scotia and Prince Edward Island, which reported slight declines.
British Columbia led the way with a 27.8% increase, while Ontario has shown strength in each of the last four months, at or near record levels for the province.
Multi-family dwellings rose 14.8% to $3.5 billion. The majority of the growth came from British Columbia (+41.3%), specifically municipalities in Vancouver Island and in the census metropolitan area of Vancouver. A $376 million permit issued for the Sugar Wharf Condominiums in the city of Toronto contributed to the record high reported in Ontario ($1.6 billion).
Single-family permits increased 4.4% to $2.8 billion in November, continuing the strong upward trend observed over the past six months, with values well above pre-COVID levels since August 2020. Quebec (+12.7%) recorded the largest gain, while Nova Scotia (-8.5%) was the only province to post a decline.
Leave a Reply