Last Updated on October 24, 2023 by CREW Editorial
The residential sector buoyed Canada’s overall building permits in January, according to the latest figures from the Statistics Canada.
Over the month, the value of residential permits increased by 12.7% to $5.8bn. This growth was due to the significant gains in multi-family dwelling permits at 17.1% to $3.4bn. A huge chunk of these approvals was in the census metropolitan area (CMA) of Vancouver.
The overall value of permits for single-family homes also increased in the month, up by 7% to $2.4bn.
Ontario and Quebec clocked the highest value of permits for the month at $105m and $48m, respectively, but Brantford CMA reported the most substantial increase in single-family dwelling permits at 340.9% to $41m.
Overall, the total value of building permits, including those in the non-residential sector, increased by 4% to $9.2bn. British Columbia led the gains, registering a 52.1% growth to $2.2bn.
The value of non-residential permits declined over the same month, down by 7.8% to $3.5bn. This decline was due to the 30.5% drop in the total value of institutional permits to $732m.
Industrial permits grew in the month, with their value rising by 6.8% to $682m. This improvement, however, was not able to offset the decline in other non-residential segments.
Quebec dragged the overall value of commercial permits after reporting a decline of $249m. Over the month, commercial permits hit a 0.8% decline in value to $2.1bn.
