November 2006

The value of building permits for November set a new record high thanks to both the residential, and non-residential sectors.  Municipalities issued $6.3 billion in building permits, up 3.0% from October, and 0.5% higher than the previous monthly record of December 2005.

The greatest gain for the month was seen in the non-residential sector which saw municipalities issue $2.7 billion in permits, an increase of 11.1% over the previous month, and the fourth consecutive monthly gain.

The residential sector actually saw a decline of 2.2%, to $3.6 billion.  Declines were seen in both the single family, and multi-family sectors.  It was however, the third highest month on record behind only October 2006, and December 2005.  British Columbia registered the highest monthly gain, thanks to multi-family permits.

The continued increase, and activity in the Canadian housing market is thanks in part to the strong overall economy, low unemployment rates, higher levels of migration, and tight apartment vacancy rates. 

On a year to date basis, there was a total of $61.1 billion in permits issued, up from $60.1 billion for the whole of 2005.

The December 2006 building permit estimate will be released on February 6.

Previous release on building permits.

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