Let's Chat: 778-929-0649
|
My Mortgage Blog

The total value of Canadian building permits fell 6.5% in September to a seasonally adjusted $11.2 billion, according to Statistics Canada.

Residential permits, however, rose 4.3% to $7.2 billion in the month, led by a 37.2% monthly increase in British Columbia. Construction intentions were also up in Newfoundland and Labrador (+20.8%), PEI (+16.2%) and Nova Scotia (+10.3%).   

For the third quarter, a total of 64,400 new units were authorized through building permits, 13,600 of which were single-family homes. StatCan noted that this increase follows six consecutive quarterly declines in construction intentions for the single-family home component.

September building permits data will be released on December 7, 2023.