According to a Statistics Canada report, the total value of building permits in Canada experienced a significant 11.7% drop to $10.5 billion in March. Non-residential construction intentions fell by 16.7% to $4.0 billion, with industrial (-46.1%) and institutional (-22.2%) sectors leading the decline. However, the commercial sector saw a 5.8% growth, reaching $2.2 billion. Residential building permits also decreased by 8.3% to $6.5 billion, with Ontario being the most affected (-13.7%). Yet, Quebec, Prince Edward Island, Saskatchewan, Newfoundland and Labrador, and Manitoba experienced growth.

Despite March’s setbacks, the first quarter of 2024 showed signs of rebounding, with a 3.7% increase in total building permits value compared to the previous quarter, totaling $33.4 billion. British Columbia led this recovery, with a 20.1% increase, particularly in the commercial and industrial sectors. However, construction intentions remained below the average of the previous two years. The non-residential sector saw a 6.9% increase in the first quarter, driven by a remarkable 22.3% surge in commercial construction intentions, notably in office buildings. Overall, nine provinces and territories reported growth in commercial construction intentions, with Ontario, Quebec, and British Columbia leading the way.