Ottawa, ON — The total value of building permits in Canada decreased by double digits, down 14 per cent to $9.2 million in December. Statistics Canada reports that this is the lowest monthly level since October 2020.
The total value of residential permits fell 17.9 per cent to $5.7 billion in December. This was driven by a decline in multi-unit construction intentions, down 31.1 per cent.
However, single-family dwellings’ construction intentions increased slightly, up 0.8 per cent to $2.9 billion in December. Alberta recorded significant gains, up 15.3 per cent, which offset declines in seven provinces.
This marks the fifth consecutive monthly increase in single-family dwelling construction intentions in Alberta.
Overall the total value of residential building permits decreased 6.3 per cent from the third quarter to the fourth quarter of 2023.
On the non-residential side, the total value of non-residential sector permits decreased 7.0 per cent to $3.6 billion in December. Quebec’s institutional decline, down 55.8 per cent, more than offset the gains seen in the commercial (up 4.1 per cent) and industrial (up 4.7 per cent) sectors.
Between the third quarter and fourth quarter of 2023, the total value of non-residential building permits decreased 13.3 per cent.
Overall, the total value of building permits in the fourth quarter of 2023 was $31.3 billion, down 9.0 per cent from the previous quarter and down 1.7 per cent from the fourth quarter of 2022.