Building Permit Values Point To Robust Intentions

The total value of building permits in Canada advanced 8.6 per cent to $10.7 billion in February, indicating robust intentions for both the residential (up 7.9 per cent to $6.6 billion) and non-residential (a 9.8 per cent increase to $4.2 billion) sectors, says Statistics Canada. Seven provinces reported monthly increases, with notable gains in Ontario (10.7 per cent) and Alberta (25.6 per cent). The total value of building permits went up 8.2 per cent to $6.4 billion. The multi-dwelling component sharply increased by 13.6 per cent, led by a variety of large value permits in Ontario. Meanwhile, construction intentions in single-family homes remained stable. Permits were issued for 22,900 new units nationally, 3,600 more than the intentions reported in January.