The total value of building permits in Canada jumped 14.1 per cent in November to $11 billion, rebounding after two consecutive monthly losses, reported Statistics Canada on Monday.
On a constant dollar basis (2012=100), the total value of building permits went up 12.3 per cent to $6.5 billion, it said.
Building permits, November 2022
“The value of residential permits increased 13.7 per cent to $7.1 billion nationally in November,” said the federal agency. “The value of building permits in the multi-family dwelling component was up 19.0 per cent. Ontario contributed to much of the growth with 21 permits for new condominiums and apartments valued at over $10 million. The total number of planned dwelling units in Ontario grew 60 per cent month over month, returning to historical averages reported over the last three years.
“The single-family dwelling component advanced 7.1 per cent following four consecutive monthly declines. Gains were posted in seven provinces. Despite the increase in value, the number of dwelling units posted its sixth consecutive monthly decrease.”
“The value of permits in the institutional component strongly increased (+40.6 per cent). Much of the gain was because of a new courthouse planned for development in Toronto valued at just over $500 million. This project helped offset losses posted in six provinces,” it said.
“The value of building permits in the industrial component showed a strong progression (+32.4 per cent) following significant gains the previous month. Ontario led the way with a $425 million permit for a manufacturing plant in Toronto.”
(Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald, covering sports, crime, politics, health, faith, city and breaking news, and business. He works as well as a freelance writer for several national publications and as a consultant in communications and media relations/training. Mario was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)
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