HPAC Magazine

Record Set for Building Permits in January 2021

The value of permits rose 8.2% over the previous month to a total of $9.9B, surpassing the previous record of $9.6B set in April 2019.

March 3, 2021   By HPAC Magazine

permits

Statistics Canada has announced that January kicked off with a bang, setting a record high total for the value of building permits issued, driven primarily by the residential sector.

The value of permits rose 8.2% over the previous month to a total of $9.9 billion, surpassing the previous record of $9.6 billion set in April 2019.

The value of permits in the residential sector alone increased 10.6% month-over-month to $7.1 billion in January—rising past the previous peak of $6.5 billion posted only two months earlier.

permits

(Statistics Canada)

Provincial highs were reported in Ontario, Quebec, New Brunswick and Manitoba.

The majority of the residential sector activity was attributable to single-family homes, which climbed 15.1% to a record $3.5 billion—the eighth increase in nine months. The value of single-family permits issued in Quebec saw an increase of 40.3%.

Multi-family permits also increased 6.5% over the previous month to $3.5 billion, driven by construction intentions in Ontario (+17.1%), where permits in excess of $100 million were issued for condo apartments in Toronto. Conversely, the value of multi-family building permits in Quebec fell for a fifth consecutive month.

Modest Gains in Non-residential

There was a slight rebound in the value of permits issued for non-residential buildings, rising 2.6% over December to $2.8 billion in January, this following a 10.8% drop in December.

Industrial permits bounced back to average 2020 levels, increasing 31.7% to $535 million in January. The value of commercial permits increased 3.3% to $1.5 billion, and in the institutional sector, municipalities issued permits worth $781 million, 11.8% lower than December.

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