Building Permits on the rise in February
April 10, 2024 | By HPAC Magazine
Across Canada, 16,400 new dwellings in multi-unit buildings and 4,600 new single-family dwellings were authorized in February.
According to the latest report from Statistics Canada, the total value of building permits in Canada increased 9.3% month-over-month to $11.8 billion in February. The non-residential sector (industrial, commercial and institutional) grew 12.3% to $4.7 billion, while the building intentions in the residential sector increased 7.4% to $7.1 billion.
Overall, from a dollar-value perspective, Ontario led the way in February (+21.7% to $5 billion) with gains occurring across all components.
On the residential side, Ontario was up 14.2% contributing to both single-family and multi-family dwelling permits.
Nationwide, intentions for residential construction growth were divided between single-dwelling (+9.6%) and multi-dwelling (+6%) permits in February.
In addition to Ontario, British Columbia was up 5.9%, Quebec was up 3.9% and Alberta grew 3.9% month-over-month, and these provinces were the primary contributors to the second consecutive monthly increase in the residential sector.
Across Canada, 16,400 new dwellings in multi-unit buildings and 4,600 new single-family dwellings were authorized in February. From March 2023 to February 2024, a total of 253,400 new units were authorized.
On the non-residential side, the growth was mostly in the industrial component, which increased 57.8% to $1.3 billion in February. Permits for large industrial construction projects were issued across the country.
Those projects include permits for the construction of a new battery plant in Windsor, Ont., a new dairy processing facility in Abbotsford, B.C., a new pea processing plant in Yorkton, Sask., and the expansion of an aluminum smelting facility in Saguenay, Que.
The monthly growth in the non-residential sector in February was also supported by a bump in the institutional component, growing 18.2% from the month prior.
