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Feb 7, 2023

Value Of Building Permits Increases In 2022

The total value of building permits rose by 6.8 per cent in 2022 due to inflated valuations from material and labour cost increases, says Statistics Canada. However, on a constant dollar basis, the total value of building permits declined 6.6 per cent to $83 billion. After three consecutive yearly increases, construction intentions in the residential segment fell by 12.3 per cent to $50.9 billion in 2022. There was a decrease of 15.5 per cent in the value of single-family permits and a decline of 9.6 per cent in the value of multi-family permits. There has been a discernible shift away from single-family buildings, which accounted for 43.6 per cent of the value of residential building permits in 2022, versus 58.8 per cent of the value of residential building permits in 2012. Permits for 72,000 single-family units were issued in 2022, while 84,000 units were issued permits for single-family homes in 2012. This movement was due to supply and demand factors such as shifting household characteristics and preferences, changing construction regulations, and the price of single and multi-family homes. The non-residential sector was up 4.1 per cent to $32 billion in 2022. The industrial component increased by 20.1 per cent. The institutional component building permit value rose three per cent. The commercial component saw a decline of 0.7 per cent on an annual basis.

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