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- Housing Stalls Again..
Housing Stalls Again..
Permits fall, condos stall, and debt risk keeps rising
Today, we’re covering
🏗️ Fewer Homes In The Pipeline
⚠️ Canada’s Housing Market is Overleveraged
📉 Toronto Condos Hit Zero
🛂 Canada’s Immigration Rules Are Changing
🤔 WTF of The Week
Read Time: 4 minutes
🏗️ Fewer Homes In The Pipeline
Source: Better Dwelling
The 411: Canada’s building permits fell 8.4% in February, with fewer homes approved and non-residential investment dropping 24%.
Canada’s building permit value fell 8.4% in February to $12.1 billion, and was down 8.6% from a year ago.
Permit values fell 8.6% month over month and 11.5% year over year, making this the weakest February since 2023.
Residential permits rose 1.7% to $8.1 billion, but that tiny win came with a catch. Total housing units authorized fell to 24,889, down 0.8% from January and 4.6% from last year.
Multi-family did the heavy lifting, with permit values up 3.4%. Single-family kept sliding, down 1.6% to $2.7 billion.
Non-residential was the real faceplant. Permit values plunged 24.0% to $4.0 billion and now sit 18.6% below last year.
Commercial fell 7.2% to $2.0 billion, its fourth straight monthly drop, while industrial slipped 9.6% to $985.1 million.
Why This Matters: Building permits are one of the first clues about future supply. When fewer homes get approved, the housing pipeline gets thinner before the shortage shows up in prices or rents. The sharp non-residential drop also hints that business confidence is cooling, not just homebuilding.
