The residential sector drove much of the growth
The total value of construction intentions in Canada increased by 6.8% to $11.2 billion in November, according to new data from Statistics Canada.
Increases were observed in seven provinces, with Alberta showing the greatest gain at 20.6%. Building permits in the residential sector saw their value grow by 12% to $7.8 billion, while the non-residential sector posted a decline of 3.4%.
Residential construction intentions reached the highest level since the previous record established in March 2021, with much of the growth driven by British Columbia (up 31.7%). A $256-million permit for the Plaza One residential tower in Surrey pushed BC permit values up by 53.9% for November, StatCan said.
Permits for single family homes increased 3.3%, propelled by strength in Ontario (up 4.2%) and Quebec (up 8.3%). The greatest proportional surge was seen in Nova Scotia, where the value of single-family permits grew by 35.9% to a record high of $118 million in November, StatCan said.
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In the non-residential segment, construction intentions for commercial assets rose by 14.3%, while industrial permits surged by 45.1% in November, StatCan said.
However, the value of institutional permits dropped by 49.2%, reversing the sector’s robust October growth and reaching its lowest level since April 2020, StatCan said.
