Canada Building Permits

The total value of building permits in Canada rose by 2.3% from a month earlier to $11.2 billion in October 2023, reversing an upwardly revised 8.1% decline in the preceding month but falling short of market forecasts of a 2.9% growth. Total monthly value of the non-residential segment surged by 5.3% to reach $4.1 billion, driven by increases in the institutional (+29.2%) and industrial (+11.9%) components, while commercial one went down (-10.5%). Meanwhile, residential permits recorded a modest increase of 0.6%, reaching $7.1 billion, following a 2.8% rise in September. Monthly gains in the value of residential permits in Alberta (+14.8%), Ontario (+7.4%) and Quebec (+7%) offset the decreases in the remaining seven provinces. Comparing year-on-year figures, the value of commercial permits issued in October ($1.8 billion) fell by 11.9% from the same month in the previous year.