Canada saw double-digit increases in the value of construction intentions last year
Construction intentions in the residential sector increased by 29.9% annually in 2021, reaching a record $87.2 billion, according to Statistics Canada.
A significant portion of the increase came from the single-family segment, which saw permit values jump 41.5% to reach $40.7 billion. This represented 81,000 new units, the highest number since 2013, StatCan said.
“Canadians showed interest in moving away from larger city centres over the course of 2021, with smaller census metropolitan areas (CMAs) such as Peterborough (+134.1%), Barrie (+107.5%), Oshawa (+79.0%), and Kelowna (+75.8%) reporting large gains in construction intentions,” StatCan said.
The past year also saw multi-family permit values reach a record high of $46.5 billion, having increased by 21.1% annually.
“Similar to the trends in single family construction, the multi-family component also saw faster growth in smaller CMAs such as Kelowna (+175.1%), Lethbridge (+159.0%), Saguenay (+145.1%), and Trois-Rivières (+120.3%),” StatCan said.
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Non-residential construction intentions were up by 17.1% to reach $39.6 billion in 2021, veering ever closer to 2019 levels.
“The institutional component exceeded pre-pandemic levels, while the commercial and industrial components were both roughly 8% below 2019 totals,” StatCan said.
The total value of intentions nationwide grew by 25.6% to $126.5 billion in 2021, which is the strongest annual growth so far in Canada. However, StatCan stressed that increases in material prices and labour costs drove almost two-thirds of this annual surge.
