Ottawa, ON — Canada’s total monthly value of building permits dropped 18.8 per cent to $9.6 billion in April, the lowest level since December 2020, reports Statistics Canada. The residential and non-residential saw significant losses that resulted in the decline.
Following a record high in March, the total monthly value of non-residential permits fell 34.6 per cent to $3.4 billion in April. The drop was seen across all components but was most noticed in the commercial (down 40.2 per cent or $1.1 billion) and industrial (down 49.6 per cent or $663.8 million) sectors.
For the second consecutive month, the total monthly value of residential permits declined 6.1 per cent to $6.1 billion. Declines were found in both the single-family and multi-dwelling components.
Ontario, down 10.5 per cent or $296.4 million, contributed significantly to the decrease seen in the residential sector. However, British Columbia (up 2.6 per cent or $35.1 million) and Saskatchewan (up 45.0 per cent or $15.2 million) were the only two provinces to record monthly growth in residential construction intentions.