FX.co ★ Canada Building Permits Fall More Than Expected

In March 2025, Canada's building permits' total value decreased by 4.1% compared to the previous month, amounting to CAD 12.9 billion. This decline followed a 2.9% increase in the prior month and did not meet the anticipated modest reduction of 0.5%. The non-residential building permits experienced a significant drop of 14.5% to CAD 4.2 billion, reversing earlier gains. This reduction was primarily driven by downturns in the commercial (-CAD 474.1 million; -19.0%), industrial (-CAD 3.7 million; -0.5%), and institutional (-CAD 238.5 million; -14.4%) sectors. Conversely, residential permits improved by 2.0%, reaching CAD 8.7 billion, up from CAD 8.4 billion in the previous month's decline. This increase was largely due to a rise in multifamily permits (CAD 322.5 million, 5.8%), although it was partly counterbalanced by a reduction in single-family permits (-CAD 155.6 million, -5.3%). Overall, permits decreased across nine provinces, with Nunavut experiencing the steepest decline (-79.9%), while Newfoundland and Labrador saw the most substantial growth (+89.4%).