Canada’s Building Permits Get A Boost

Ottawa, Canada – Canada In September 2021 value of construction permits increased by 4.3 percent month over month to CAD 10.1 billion, rebounding from a downwardly revised 2.0 percent fall the previous month and exceeding market estimates of a 3.1 percent increase.

Residential construction intentions increased 8.2 percent to CAD 6.9 billion, boosted by an 18.6 percent increase in multi-family units to CAD 3.9 billion, while single family units decreased 2.7 percent to CAD 3.0 billion.

Meanwhile, the non-residential sector contracted by 3.2 percent, hurt by a 30.6 percent decline in institutional and governmental permits to CAD 0.7 billion and a 12.4% decline in commercial building activities to CAD 1.6 billion.

Ontario contributed the most to overall increase (6.3 percent to CAD 4.3 billion), while gains in Quebec were partially offset by shrinkage (-8.0 percent to CAD 2.1 billion).

Canada New Home Price Index

In September 2021, new home prices in Canada increased by 0.4 percent over a month earlier, slowing from a 0.7 percent increase in August.

13 of the 27 census metropolitan areas (CMAs) surveyed reported an increase in new home prices, while five reported a decline.

Windsor (+1.9 percent) experienced the highest monthly increase, while Saskatoon (-0.9 percent) experienced the largest monthly decrease in prices.

Annually, new home prices increased 11.3 percent in September, slowing from a record 12.2 percent increase in August 2021.