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August 12, 2024BUILDING PERMITS, JUNE 2024 Monthly (seasonally adjusted, June 2024 vs May 2024)
Changes in monthly building permit values are typically very volatile, with large swings from one month to the next.
Nova Scotia's total building permits (residential and non-residential) fell by 12.3% to $270.3 million. Halifax permits declined by 19.9% to $163.5 million while permits outside the city rose 2.7% to $106.8 million. National permits declined 13.9% to $9.9 billion. Total building permit values were up in only Prince Edward Island with all other provinces reporting declines. Saskatchewan and New Brunswick reported the steepest decline in building permit values, with a decline of 24.9%.
Nova Scotia's residential building permits decreased 27.4% to $170 million. Halifax residential permits fell 42.9% to $88.2 million. Outside the city, residential permit values rose 2.7% to $81.8 million. National residential building permit values declined 11.5% to $6.45 billion. Residential permit values were up in 3 of 10 provinces, led by Manitoba and New Brunswick. Nova Scotia reported the largest decline in residential permit values.
Nova Scotia's non-residential building permits rose 35.6% to $100.2 million. Halifax permits rose 51.9% to $75.3 million. Outside the city, non-residential permit values rose 2.5% to $25.0 million. National non-residential building permit values decreased 18.1% to $3.47 billion. Non-residential permit values were up in 3 of 10 provinces, with Prince Edward Island reporting the fastest increase. New Brunswick reported the steepest decline.
Year-to-date (January-June 2024 vs January-June 2023)
Nova Scotia's total building permits (residential and non-residential) were up 30.5% in the first six months of the year comparing with the same period in 2023. Halifax permits increased 42.5% and outside the city permit values increased 14.6%. National permits were up 1.3%. Building permit values were up in seven out of ten provinces, led by New Brunswick and Nova Scotia. British Columbia reported the steepest decline.
In the first six months of 2024, Nova Scotia's residential building permits increased 46.9% compared to the same period in 2023 - the fastest increase among provinces. Halifax residential permits increased 70.8% and outside the city residential permit values increased 19.4%. National residential building permit values increased 4.8%. Residential permit values were up in seven provinces year-to-date. Saskatchewan reported the largest decline.
Nova Scotia's non-residential building permits rose 0.9% in the first six months of 2024 (compared with the same period in 2023). Halifax permits decreased 1.0% while non-residential permits outside the city rose 4.0%. National non-residential building permit values fell 4.2%. Non-residential permit values were up in six provinces, led by New Brunswick. Quebec reported the largest decline.
Rising residential permit values boosted overall building permit values in Nova Scotia in the first six months 2024 (compared with same months of 2023). Non-residential permit values declined in Halifax while they rose outside the city.
There were increases for single dwelling unit as well as multiple unit permits across the province.
Non-residential permit values were down in commercial projects across the province. Institutional and government building permits were up across the province. Industrial permits fell in Halifax, and rose in the rest of the province.
Trends
Overall building permit values have generally been on a rising trend since the middle of 2021, though there have been periods of declining values over this period. Rising permit values are mostly driven by higher residential permits within Halifax as well as outside the city.
After trending down in late 2022 and early 2023, residential permit values started to rise again in Halifax in the middle of 2023. Residential permit values outside the city have been consistently above pre-pandemic levels since 2022.
Nova Scotia's non-residential building permit values started to rise in early 2023 before reaching a plateau through the end of the year. Non-residential permit values continue to increase in Halifax while declining in the rest of Nova Scotia, resulting in a continuation of the current plateau.
Trends in residential permit values reflect the differences in housing markets for Halifax and the rest of the province. In Halifax, growth in permit values for multi-unit dwellings has outpaced growth in single-dwelling unit permits. Outside the city the situation is reversed, where single dwelling unit permits are more common than permits for multi-unit structures.
Non-residential building permits have lower values than residential permits. In Halifax, non-residential permits have been trending upward in recent months due to rising commercial and institutional/governmental projects. After rising in early 2023, Halifax values for industrial building permits have been trending down. Outside the city, permits have reached the peak and there is a recent decline in institutional/government permits.
Source: Statistics Canada. Table 34-10-0285-01 Building permits, by type of structure and type of work (x 1,000)
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