the latest numbers from Statistics Canada
Declining values in the residential sector pulled down the national aggregate, dropping -8.6% year over year to $7.6B. While the non-residential sector also experienced an annual decline, it was less steep at -2.1%. Permits to build single-family houses, in particular, were down in Ontario at -13.9%, offsetting gains in six other provinces and contributing to a national decline of -57%. However, StatCan notes, “Despite the decline, this component remained 14.8% higher than the same month of 2021.”The multi-family home segment also lagged by -32.8% YoY in Ontario. That wasn’t the case on the west coast, however, with strata permit values up 9.3% in BC.
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