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Jan 10, 2023

Building Permits Bounce Back

The total value of building permits in Canada jumped 14.1 per cent in November to $11 billion, rebounding after two consecutive monthly losses, says Statistics Canada. On a constant dollar basis, the total value of building permits went up 12.3 per cent to $6.5 billion. The value of residential permits increased 13.7 per cent to $7.1 billion nationally in November. This was a result of an increase of 19 per cent in the multi-family dwelling component, with Ontario contributing much to the growth with 21 permits for new condominiums and apartments. The single-family dwelling component advanced 7.1 per cent following four consecutive monthly declines. Gains were posted in seven provinces. Despite the increase in value, the number of dwelling units posted its sixth consecutive monthly decrease. The total permit value of the non-residential sector rose 14.9 per cent to $3.9 billion in November. The institutional component building permit value increased 40.6 per cent, the industrial component increased 32.4 per cent, and the commercial component edged down 0.6 per cent.

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