Canadian building permit values fell 3.2% in January

The total value of building permits issued in Canada fell 3.2% in January, reaching $12.8 billion, according to Statistics Canada. The decline was mostly due to a drop in residential construction plans.

Residential building permits were down 3.4% from December, totalling $8.8 billion. Multi-unit housing, including apartments and townhouses, saw a $424.2 million decline, while permits for single-family homes rose $111.4 million.

Ontario recorded the sharpest decline in multi-unit permits, dropping $738.5 million, after leading residential growth in the previous month.

Meanwhile, Quebec and New Brunswick saw increases of $186.3 million and $195.9 million, respectively. Much of Quebec’s growth came from the Montreal area, where multi-unit permits surged $160.2 million.

On the non-residential side, permit values dropped 2.7% to $4 billion, marking the fourth consecutive monthly decline. Industrial permits saw the biggest drop, falling $285 million, followed by public sector buildings at $87.4 million.

Commercial permits, however, rose $259.4 million.

Despite the monthly decline, permit values in constant dollar terms were still 13.4% higher compared to January 2024.