The Weekly Review, June 10 to 14, 2024

The total value of building permits in Canada significantly increases in April 2024

Month over month, the total value of building permits in Canada significantly increased 20.5% to $12.8 billion in April. Construction intentions in the residential sector increased 21.0% to $8.0 billion and the non-residential sector rose 19.6% to $4.8 billion, with growth observed in all components. British Columbia posted a record high monthly total value of building permits ($3.1 billion), leading the monthly increases in both residential and non-residential sectors in Canada.

Source: Building permits, April 2024

Canada’s net international investment position increases in the first quarter of 2024

Canada’s net foreign asset position, the difference between its international financial assets and international liabilities, increased by $309.5 billion from the end of the fourth quarter of 2023 to reach $1,990.2 billion at the end of the first quarter of 2024. The growth mainly reflected the stronger performance of foreign stock markets relative to the Canadian stock market, which increased the value of Canada’s international assets in equity instruments by more than its international liabilities. The upward revaluation due to market price changes added $229.9 billion to Canada’s net international investment position by the end of the first quarter.

Source: Canada’s international investment position, first quarter 2024

Household net worth increases in the first quarter of 2024

Households were wealthier in the first quarter of 2024 as their net worth—the value of all assets minus all liabilities—increased $548.2 billion (+3.3%) to $16,925.0 billion. Equity markets continued their upward trajectory, as the S&P 500 Index was up by 10.2%, growing by double digits for a second consecutive quarter, while the S&P/TSX Composite Index rose 5.8%. After posting two consecutive quarterly declines, the housing market rebounded, as the value of residential real estate rose $213.0 billion in the first quarter.

Source: National balance sheet and financial flow accounts, first quarter 2024

Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) increase in April 2024

Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) grew 2.4% to $83.3 billion in April. Sales increased in five of the seven subsectors, led by the motor vehicle and motor vehicle parts and accessories subsector and the miscellaneous subsector. Wholesale sales were 3.4% higher in April compared with the same month one year earlier. In volume terms, wholesale sales increased by 2.0% in April.

Source: Wholesale trade, April 2024

Total manufacturing sales increase in April 2024

Following a 1.8% decline in March, total manufacturing sales increased 1.1% to $70.8 billion in April, on higher sales in 12 of 21 subsectors. The increase was mainly attributable to higher sales of transportation equipment (+4.1%), primary metals (+4.7%), and chemical products (+4.0%). The gain was partially offset by lower production in the aerospace product and parts industry group (-6.8%). Sales in constant dollars rose 0.4% in April, indicating that a higher volume of goods was sold. The Industrial Product Price Index increased 1.5% in April, the third consecutive monthly increase.

Source: Monthly Survey of Manufacturing, April 2024

Males are twice as likely to die from “preventable causes” than females

Canadian men are more likely to die young or die from preventable or avoidable causes than women, more likely to smoke or drink alcohol, and have higher rates of suicide and accidental deaths. In 2021, for example, the rates of age-standardized preventable causes of death were 195.4 for males and 93.9 for females per 100,000 population of the same sex.

Source: Statistical checkup of Canadian men’s health