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December 12, 2024BUILDING PERMITS, OCTOBER 2024 Monthly (seasonally adjusted, October 2024 vs September 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) increased by 6.9% to $298.2 million. Halifax permits rose by 13.9% to $181.4 million while permits outside the city fell 2.5% to $116.8 million. National permits fell 3.1% to $12.61 billion. Total building permit values were up in six provinces, led by Prince Edward Island. Manitoba reported the largest monthly decline in building permit values.
Nova Scotia's residential building permits rose 42.6% to $246.9 million. Halifax residential permits rose 37.8% to $147.2 million. Outside the city, residential permit values grew 50.2% to $99.7 million. National residential building permit values rose 2.3% to $7.93 billion. Residential permit values were up in eight of ten provinces, led by Prince Edward Island. Ontario and New Brunswick reported declines in residential permit values.
Nova Scotia's non-residential building permits fell 51.5% to $51.3 million. Halifax permits declined 34.8% to $34.2 million. Outside the city, non-residential permit values dropped 68.0% to $17.1 million. National non-residential building permit values declined 11.0% to $4.68 billion. Non-residential permit values were down in eight of ten provinces, with Nova scotia reporting the fastest decline. Prince Edward Island and British Columbia reported the only gains.
Year-to-date (January-October 2024 vs January-October 2023)
Nova Scotia's total building permits (residential and non-residential) were up 11.7% in the first ten months of the year comparing with the same period in 2023. Halifax permits increased 15.8% and outside the city permit values increased 5.7%. National permits were up 4.2%. Building permit values were up in every province except British Columbia, with New Brunswick and Prince Edward Island reporting the fastest increases.
In the first ten months of 2024, Nova Scotia's residential building permits increased 20.2% compared to the same period in 2023. Halifax residential permits increased 24.6% and outside the city residential permit values increased 13.8%. National residential building permit values increased 5.7%. Residential permit values were up in eight provinces year-to-date, led by Newfoundland and Labrador. British Columbia reported the largest decline.
Nova Scotia's non-residential building permits decreased 5.4% in the first ten months of 2024 (compared with the same period in 2023). Halifax permits decreased 1.7% while non-residential permits outside the city decreased 10.7%. National non-residential building permit values rose 1.9%. Non-residential permit values were up in six provinces, led by Manitoba. Quebec reported the largest decline.
Rising residential permit values boosted overall building permit values in Nova Scotia in the first ten months of 2024 (compared with same months of 2023). Non-residential permit values fell slightly across the province.
There were increases in permit values for single dwelling units in Halifax and a slight decline in the rest of the province. Multiple unit permits rose 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 for several years, 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. Halifax residential permit values have trended down in recent months.
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 reached a plateau in Halifax while declining in the rest of Nova Scotia, resulting in a continuation of flat trend.
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 reached a plateau in recent months. Commercial projects are declining and institutional/governmental projects are rising. After rising in early 2023, Halifax values for industrial building permits subsequently declined and have grown at a slower pace in recent months. Outside the city, permits have reached the peak and there is a decline in commercial and 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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