Building permits in Canada fell 13.1% month-on-month to C$12.0 billion in November 2025, marking the first decline after two months of growth and well below market expectations for a 6.5% drop. The residential sector led the decrease, falling C$1.0 billion to C$7.5 billion, with Ontario driving most of the decline. Multi-family permits dropped C$1.0 billion to C$4.9 billion, led by Ontario and Quebec, while gains in British Columbia partially offset the fall. Single-family permits edged down C$3.8 million to C$2.6 billion, as increases in seven provinces and one territory were offset by a decline in Quebec. Non-residential construction fell C$788.2 million to C$4.5 billion, with broad-based losses across the commercial (-C$422.6 million), institutional (-C$318.9 million), and industrial (-C$46.7 million) components.