Canada Building Permits Fall the Most in Over 11 Years

The value of building permits in Canada plunged 17.1% from a month earlier to CAD 6 billion in April 2020, following a downwardly revised 13.4% fall in March. It was the largest decline in the value of building permits since October 2008, amid the coronavirus crisis. The total value of residential permits dropped 14.2%, as permits for single-family dwellings fell at a record pace (-35.9%) while multi-family dwellings rose 4.8%. Additionally, the value of commercial permits slumped 21.5%, mainly due to industrial permits (-34.7%), commercial (-21.5%) and institutional (-10.5%). Declines were reported in 8 provinces, with the largest in Quebec (-34.1%) and Ontario (-20%). Although most municipalities were still issuing permits in April, Quebec’s decision to shut down non-essential construction activity due to the pandemic led to it posting its largest month-over-month percentage fall on record.