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April 10, 2024BUILDING PERMITS, FEBRUARY 2024 Monthly (seasonally adjusted, February 2024 vs January 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) edged up 0.4% to $333.2 million. Halifax permits fell by 21.0% to $163.9 million while permits outside the city increased 36.1% to $169.4 million. National permits rose 9.3% to $11.75 billion. Building permit values were down in 6 of 10 provinces, with Prince Edward Island reporting the steepest decline. Saskatchewan reported the largest monthly increase in building permit values.
Nova Scotia's residential building permits dropped 4.2% to $245.0 million. Halifax residential permits fell 23.6% to $126.5 million. Outside the city, residential permit values increased 31.3% to $118.6 million. National residential building permit values increased 7.4% to $7.08 billion. Residential permit values were up in 7 of 10 provinces, led by Saskatchewan. New Brunswick reported the largest decline among provinces.
Nova Scotia's non-residential building permits increased 16.1% to $88.2 million. Halifax permits decreased 10.6% to $37.4 million. Outside the city, non-residential permit values increased 48.8% to $50.8 million. National non-residential building permit values increased 12.3% to $4.68 billion. Non-residential permit values were down in 6 of 10 provinces, with Prince Edward Island reporting the steepest decline. Saskatchewan reported the largest increase.
Year-to-date (January-February 2024 vs January-February 2023)
After a notable increase in January, Nova Scotia's total building permits (residential and non-residential) were up 55.8% in comparing the first two months of the year with the same period in 2023. Halifax permits increased 65.1% and outside the city permit values increased 45.5%. National permits increased 6.9%. Building permit values were up in 6 of 10 provinces, led by Nova Scotia. Newfoundland and Labrador reported the largest decline.
In the first two months of 2024, Nova Scotia's residential building permits increased 81.6% compared to the same period in 2023. Halifax residential permits increased 124.4% and outside the city residential permit values increased 43.4%. National residential building permit values increased 5.3%. Residential permit values were up in six provinces, led by Nova Scotia. Saskatchewan reported the largest decline.
Nova Scotia's non-residential building permits increased 8.7% in the first two months of 2024 (compared with the same period in 2023). Halifax permits decreased 16.4% and outside the city non-residential permit values rose 50.9%. National non-residential building permit values increased 9.4%. Non-residential permit values were up in 7 of 10 provinces, led by Saskatchewan. Newfoundland and Labrador reported the largest decline.
Overall building permit values in Nova Scotia increased in the first two months 2024 compared with same months of 2023.
There was an increase in single dwelling unit permits in Halifax, but single dwelling unit expenditures fell outside the city. Multiple unit residential permits rose across the province.
Non-residential permit values were down in commercial projects across the province. Institutional and government project permits were up outside Halifax, more than offsetting the slight decline in the city. Industrial permits were up across 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 last year. 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 have reached a peak in recent months in Halifax with an upward trend since the middle of 2022 in the rest of the province.
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. After rising in early 2023, Halifax values for industrial building permits have peaked. Halifax commercial building permits have been trending down while institutional/government projects have picked up. Outside the city, permits have continued to trend upward particularly on a recent rise 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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