Monthly Value of Building Permits in Canada sees Boost in February
April 4, 2023 | By HPAC Magazine
The multi-dwelling residential component increased by 13.6% nationwide, led by large value permits in Ontario (+25.4%).
Statistics Canada has reported that the total value of building permits in Canada advanced 8.6% month-over-month to $10.7 billion in February 2023, revealing growth in both the residential (+7.9% to $6.6 billion) and non-residential (+9.8% to $4.2 billion) sectors.
Seven provinces reported monthly increases, with the strongest gains in Ontario (+10.7%) and Alberta (+25.6%).
Residential advanced by multi-dwelling permits
The multi-dwelling residential component increased by 13.6% nationwide, led by large value permits in Ontario (+25.4%).
The construction intentions in single-family homes remained relatively flat (+0.5%).
Overall, residential permits gained 7.9% to $6.6 billion. Permits were issued for 22,900 new units nationally, 3,600 more than the intentions reported in January.
All four eastern provinces saw gains in the value of permits, collectively advancing 25.7% month over month, while British Columbia (-13.4%), Alberta (-3.9%) and Saskatchewan (-40.6%) reported monthly declines in residential permits.
Non-residential gains
The total monthly value of non-residential permits increased 9.8% to $4.2 billion, the highest non-residential value in a year, since February 2022. Much of the gain is attributable to several high-value projects in Alberta.
Across the country, gains in the industrial (+42.0%) and commercial (+6.2%) components offset losses in the institutional (-7.6%) component.
