Canadian Building Permits Drop for the first time In Three Months

Canadian building permits in November making it the first fall in three-month period, Canada Statistics release revealed. The building permits value fell 7.7 percent to C$7.7 billion.

Though Canada saw the value of permits for all building components in the negative side, there was an exception of single-family dwellings.

Non-residential structures’ building permits value also dropped 12.3 percent to C$2.9 billion in November after two monthly expansions. The drop was spread across the commercial, industrial and institutional components.

The release added, “As of November, Canadian municipalities had issued over $100 million more in building permits in 2017 compared to the 2016 total, led by higher construction intentions for universities, hospitals and manufacturing plants. Initiatives such as the Post-Secondary Institutions Strategic Investment Fund, announced in the 2016 Federal Budget, may have contributed to the increase in the value of university building permits in 2017, while multiple high-value permits helped to drive up the overall value for hospitals and manufacturing plants.”

As far as single-family dwellings were concerned, the value of permits remained at C$2.6 billion during the period under review. Following a C$2.9 billion peak in October 2016, the single-family dwellings permits value remained steady at about C$2.6 billion throughout the year 2017.

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