The close of 2012 saw an 11.2 per cent decrease in the number of building permits issued by Canadian municipalities for both residential and non-residential projects.
The December permit value decline to $5.7 billion followed a 14.5 per cent decrease in November. The largest drops were seen in Alberta, Manitoba, and Ontario. Newfoundland and Labrador was the only province to report an increase in building permits issued.
Non-residential building saw the value of permits decline by 8.5 per cent to $2.5 billion, while national residential building dropped 24.6 per cent from November. Residential permits dropped to the lowest levels seen since February 2011, with Ontario citing the biggest decrease.
Commercial structures such as office buildings, community facilities, and warehouses saw an increase of 26.1 per cent in November, but levels fell 10.6 per cent throughout the month of December.
Overall, building permits in 2012 were up 8.9 per cent from 2011 reaching a value of $80.5 billion, surpassing the nation’s peak year of 2007 with $74.4 billion.
