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Statistics Canada releases building permits March 2024

According to Statistics Canada, the total value of building permits in Canada decreased 11.7 per cent to $10.5 billion in March. Construction intentions in the non-residential component declined 16.7 per cent to $4.0 billion, while the residential sector decreased by 8.3 per cent to $6.5 billion. Declines were observed in all components except for the commercial component.

On a constant dollar basis (2017=100), the total value of building permits fell 11.6 per cent in March, following two consecutive months of increases.

First quarter of 2024 rebounding, driven by growth in construction intentions in the commercial component

The total value of building permits in the first quarter of 2024 was $33.4 billion, a 3.7 per cent increase from the previous quarter ($32.2 billion). This represents a partial rebound from the fourth quarter of 2023, which was the lowest quarterly total value since the third quarter of 2021 ($30.5 billion). The growth was driven by British Columbia which posted significant gains in the commercial and industrial non-residential components, and in the multi-unit residential component. Despite quarterly gains, construction intentions in the first quarter of 2024 remained lower than the average quarterly levels of the previous two years.

Construction intentions in the non-residential sector increased 6.9 per cent to $13.0 billion in the first quarter, led by the commercial component which posted the highest level of the previous four quarters. Growth was driven by permits for office buildings. Overall, nine provinces and territories reported increases in commercial construction intentions, led by Ontario, Quebec and British Columbia.

The value of residential building permits edged up 1.8 per cent in the first quarter. Growth in the multi-unit component was partially offset by declines in the single-family homes component.