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Aug 10, 2023

June building permits show mixed trends in Canada

Statistics Canada has reported a 6.1% increase in the total monthly value of building permits in Canada for June, reaching $11.6 billion. The institutional component experienced a monthly rise of 67.2% (+$619.3 million).

 

In terms of residential permits, the total monthly value decreased by 1.8% to $6.9 billion in June. Ontario led the decline with a 11.4% drop (-$358.1 million), while Saskatchewan and New Brunswick also registered significant declines. However, other provinces partially offset these decreases.

 

Non-residential permits, on the other hand, witnessed a 20.4% increase to $4.7 billion in June. Although commercial construction intentions decreased, gains in the industrial and institutional components more than compensated for the decline.

 

In the second quarter, the total value of building permits slightly declined by 1.0% to $32.2 billion, as the non-residential sector saw a 9.6% drop to $12 billion. In contrast, the residential sector saw a 4.9% increase to $20.3 billion, breaking a three-quarter slump.

 

The creation of new dwelling units followed a similar pattern, with 64,400 units generated in the second quarter of 2023, showing a 2.7% increase from the first quarter. However, this number was 14.7% lower than the second quarter of 2022. British Columbia led quarterly gains.

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