British Columbia saw a large drop in building permits in October, the latest month of data released by Statistics Canada.
The province posed a 21.2% decrease in the value of permits issued for residential construction, to a total of $1.3 billion. This was partly offset by a 12.3% rise in residential permits issued by municipalities in Quebec which totalled $1.7 billion.
However, overall permit issuance was down 1.5% to $8.3 billion as five provinces posted declines.
For the residential sector, there were declines for both single (-2.9%) and multi-family (-3.4%) segments and the overall total fell below $5 billion for the first time since March.
Manitoba was a key outlier with a record number of permits across all categories - $438 million – following a 74.3% surge. This was largely due to some high-value permits issued in Winnipeg.
The value of institutional permits rose 24.9% to $765 million in October, largely due to gains in Manitoba (+$79 million) and Ontario (+$72 million).
The value of commercial permits decreased 5.3% to $2.0 billion with gains in eight provinces, led by Quebec (+$161 million). However, there was a sizeable decline in British Columbia (-$317 million).
Industrial permits decreased 1.1% to $604 million.
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