Building Permits Near Record Levels

The total value of building permits rose 12.9 per cent to $9.4 billion in November, the third highest value on record. The highest value was reached in April 2019. Much of this growth was led by large permits for multi-family dwellings in British Columbia and Ontario and an office building in the city of Toronto. The value of residential permits rose to new heights in November, increasing 10 per cent to $6.4 billion and breaking the previous record set in September 2020. Every province posted gains in this sector, except for Nova Scotia and Prince Edward Island, which reported slight declines. British Columbia led the way with a 27.8 per cent increase, while Ontario has shown strength in each of the last four months, at or near record levels for the province. Non-residential permits rose by almost one-fifth (19.5 per cent) to $3 billion in November, mainly due to a $507 million building permit for an office building in downtown Toronto. Excluding this permit, the non-residential sector would have shown a slight decline nationally. The value of commercial permits rose by almost one-third (31.2 per cent) to $1.6 billion, based on the strength of the office building. Consequently, Ontario reached its second highest level on record.