Canadian building permit value breaks $10-billion mark for first time

The total value of Canadian building permits issued in February broke the $10 billion mark for the first time, as a jump in the non-residential sector more than offset the decline in the residential sector, according to a new report released Thursday by Statistics Canada.

“The non-residential sector jumped 14.2 per cent to $3.3 billion in February with all three components posting gains. Despite the large jump in this sector, the level remained about 13 per cent below the peak reached in April 2019,” said the federal agency.

“Institutional permits saw their largest value increase since June 2020, as the total for this component climbed $226 million to $1.0 billion. With several permits being issued for long-term care facilities and a hospice, Ontario (+44.4 per cent) and Alberta (+107.6 per cent) led the way.

“The commercial component increased 11.4 per cent to $1.7 billion, the highest value since September 2020. Most of the gain was the result of high-value permits being issued for additions and renovations to commercial buildings in Ontario and Alberta. Building intentions in the commercial component have not been this high in Alberta since December 2019.”

Residential construction intentions decreased 2.9 per cent to $6.8 billion in February, following a record month in January, said StatsCan.

“In British Columbia, several high-value permits were issued for multi-family dwellings (+59.2 per cent), including two for the University District condo development in the city of Surrey. However, declines in six provinces, including Ontario (-23.9 per cent) and Alberta (-39.2 per cent), pulled this component lower at the national level, with the total dropping 4.9 per cent to $3.3 billion.”

 

Leave a Reply

You must be logged in to post a comment.