Jun 7, 2023
April building permits value plummets
The total monthly value of building permits in Canada dropped 18.8% to $9.6 billion in April, the lowest level since December 2020, says Statistics Canada. On a constant dollar basis, the total value of building permits fell 18.5% to $5.6 billion. Following a record high in March, the total monthly value of non-residential permits fell 34.6% to $3.4 billion in April. The drop was observed across all components, but was most pronounced in commercial (-40.2%) and industrial (-49.6%) construction intentions. The total monthly value of residential permits declined 6.1% to $6.1 billion, sliding for the second consecutive month. Declines were posted for both the single-family and multi-dwelling components. Ontario, down 10.5%, greatly contributed to the monthly decrease in the residential sector. At the same time, British Columbia was up 2.6% and Saskatchewan was up 45%; these two provinces were the only ones to post monthly growth in residential construction intentions.
Sign up for our Daily News Alerts to receive relevant industry news, articles, and previews for our next issue of Home Improvement Retailing. Delivered directly to your inbox. Subscribe here.