The value of building permits in Canada decreased 0.2 percent from the previous month to CAD 8.1 billion in October 2018, following a 0.4 percent rise in September and in line with market expectations. The value of building permits in the non-residential building permits dropped 7.0 percent month-over-month to CAD 2.9 billion, mainly due to lower construction intentions for industrial and institutional buildings. On the other hand, in the residential sector, the value of building permits rose 4.2 percent to CAD 5.2 billion, as both multi-family and single-family dwellings posted gains. The value of building permits declined in five provinces in October, with Quebec recording the largest decrease, due to the tornadoes that hit Ottawa and Gatineau on September 21. Building Permits in Canada averaged 2386360.58 CAD Thousand from 1950 until 2018, reaching an all time high of 8572975 CAD Thousand in June of 2017 and a record low of 57056 CAD Thousand in November of 1951.
Building Permits in Canada is expected to be 8089102.01 CAD Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Building Permits in Canada to stand at 8084431.00 in 12 months time. In the long-term, the Canada Value of Building Permits is projected to trend around 8084410.23 CAD Thousand in 2020, according to our econometric models.