Canada Building Permits Surge in July, Far Exceeding Expectations

The total value of building permits surged by 22.1% month-over-month to $12.39 billion in July 2024, far exceeding market expectations of a 2.5% increase, following an upwardly revised 13% decline in the previous month.

Residential permits rose by 16.7% to $7.6 billion, driven by a 29.3% surge in multiple-unit permits to $5 billion, while single-unit permits dipped by 1.9% to $2.6 billion. Meanwhile, non-residential permits soared by 31.8% to $4.8 billion, with notable increases in the industrial (98.6%), commercial (18.4%), and institutional and governmental (14.8%) sectors.

British Columbia and Ontario led the gains among provinces, with increases of $1.28 billion and $0.48 billion, respectively, compared to June.