Housing permits fall for first time in 3 months

The value of building permits issued has declined for the first time in three months as both residential and non-residential intentions slipped.

The newly-released figures from Statistics Canada for November 2017 show a 7.7% month-over-month decline overall to $7.7 billion permits issued by Canadian municipalities.

The decline was due to a 12.3% drop in non-residential construction intentions ($2.9 billion) and a 10.1% decline in multifamily building permits ($2.2 billion).

Residential permits were down 4.6% overall, with single-family little changed from the previous month, up 0.6% to $2.6 billion, roughly in line with the rest of 2017.

Year-over-year the value of all permits was up 1.3%; down 5.1% for residential (single-family down 6.2%, multifamily down 3.7%); and up 13.8% for non-residential.

By volume of homes, the figures show a 10.8% drop year-over-year and 6.8% month-over-month. Single-family permits were issued for 5,790 units, up 2.4% m-o-m but down 10.3% y-o-y. Multifamily permits were issued for 11,310 units, down 11% from the previous month and from a year earlier.

Toronto saw an 18.8% rise in permits issued in November to $1 billion with multifamily up 30.1% ($532.4 million) and single-family up 8.6% ($496.3 million).

Vancouver’s permits declined 21% to $408.9 million with a 29.5% drop for multifamily ($260.3 million) and a 0.2% rise for single-family ($148.6 million).

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release


Do you invest in commercial properties?