A large spike in residential building permits issued by Canadian municipalities drove up the total value of building permits in January, more than offsetting a decline in the non-residential sector.
The value of residential permits issued rose 26.3 per cent to $4.6 billion in January, according to new data released today by Statistics Canada. The value of permits for multi-family dwellings rose 42.8 per cent to $2.1 billion while single-family dwellings rose 15 per cent to $2.5 billion. This was the largest increase in the value of permits for single-family dwellings since September 2012.
Taken together, the total value of residential and non-residential building permits issued in January rose 8.5 per cent to $7.0 billion, with gains posted in every province except Quebec.
Toronto saw a large overall gain thanks to an increase in the value of permits issued for commercial buildings and single-family dwellings. In Vancouver, a large gain was spurred primarily by multi-family dwellings. Edmonton also saw large gains as a result of residential, commercial and institutional gains.
Building permits in the non-residential sector fell by 14.6 per cent to $2.4 billion in January, after increasing by 5.4 per cent in December. A large decline in Quebec offset the gains made in the other provinces.