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Institutional component leads building permits in October 2023

December 7, 2023 | By Anthony Capkun

December 7, 2023 – The total value of building permits in Canada increased 2.3% from September to $11.2 billion in October, reports Statistics Canada, led by gains in the non-residential sector—particularly in the institutional component.

The total value of non-residential sector permits increased 5.3% to $4.1 billion in October, with gains concentrated in Ontario (+16.0% to $2.0 billion). This was attributable to a significant increase in construction intentions in the institutional component (+29.2% to $1.4 billion).

In October, the largest permit issued was for the construction of a new hospital wing in Toronto.

Construction intentions in the industrial component (+11.9% to $973.8 million) also saw gains in October, while the commercial component (-10.5% to $1.8 billion) posted its second consecutive monthly decline.

Permit values in the commercial component have been trending down since the record high of $2.9 billion in March, notes Statistic Canada. Year-over-year, the value of commercial permits issued in October ($1.8 billion) was 11.9% less than the value of those issued in October 2022 ($2.0 billion).

The total value of residential permits remained relatively unchanged compared with previous month. The total monthly value edged up 0.6% to $7.1 billion in October, following a 2.8% gain in September.

In October, gains in residential permit values for Ontario (+7.4% or +$199.9 million), Alberta (+14.8% or +$125.5 million), and Quebec (+7.0% or +$89.0 million) offset declines in the remaining seven provinces.

Year-over-year residential construction intentions were up 16.1% in October compared with October 2022.

Across Canada, 18,100 new dwellings in multi-unit buildings and 4600 new single-family dwellings were authorized.

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