Ekonomické zprávy
01.12.2021

Canada’s building permits record a surprise increase in October

Statistics Canada reported on Wednesday that the value of building permits issued by the Canadian municipalities rose 1.3 percent m-o-m in October, following a downwardly revised 4.1 percent m-o-m surge (from 4.3 percent m-o-m) in September.

Economists had forecast a 1.0 percent drop in October from the previous month.

According to the report, the value of residential permits edged down 0.1 percent m-o-m in October, as a 10.8 percent m-o-m jump in single-family permits was not enough to offset an 8.8 percent m-o-m plunge in permits for multi-family dwellings.

At the same time, the value of non-residential building permits rose 4.2 percent m-o-m in October, reflecting a 49.5 percent m-o-m tumble in industrial permits, which was partially offset by a 63.2 percent m-o-m climb in institutional permits and a 10.1 percent m-o-m increase in commercial permits.

From the perspective of Canada's provinces and territories, the biggest gains in the value of building permits were recorded in British Columbia (+15.0 percent m-o-m) and Ontario (+4.5 percent m-o-m).

In y-o-y terms, building permits surged 17.9 percent in October.

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