• Main
  • Analytics
  • Market News
  • Canada’s building permits decline much more than anticipated in March
Economic news
13.05.2024

Canada’s building permits decline much more than anticipated in March

Statistics Canada reported on Monday that the value of building permits issued by Canadian municipalities plunged by 11.7 per cent m-o-m in March, following a downwardly revised 8.9 per cent m-o-m climb (from +9.3 per cent m-o-m) in February. This marked the sharpest fall since April 2023 (-20.3 per cent m-o-m).

Economists had forecast a 4.6 per cent decrease in March from the previous month.

According to the report, the value of residential building permits fell 8.3 per cent m-o-m in March, reflecting a 9.0 per cent m-o-m drop in permits for multi-family dwellings and a 7.4 per cent m-o-m decline in single-family permits. Meanwhile, the value of non-residential permits plummeted 16.7 per cent m-o-m in March, as a 46.1 per cent m-o-m plunge in industrial permits combined with a 22.2 per cent m-o-m fall in institutional permits more than offset a 5.8 per cent m-o-m increase in commercial permits.

In y-o-y terms, building permits were down 15.2 per cent in March.

See also