canadian building permits Photo: srv007/Flickr

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.

What else is happening in market news this week? Condo resales were up in February according to new Toronto Real Estate Board data and Calgary house prices broke records last month.

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