Value of building permits soars to record high

Value of building permits soars to record high

Value of building permits soars to record high

The total value of building permits across Canada rose to a new record high in January, according to recent figures from Statistics Canada.

StatCan figures showed the total value of building permits issued in Canada rose in January by 8.2% from December to $9.9 billion, surpassing the previous record of $9.6 billion set in April 2019.

Read more: Total value of building permits plummets – except for one dwelling type

According to StatCan, the growth was primarily driven by the residential sector, which saw the value of permits issued increase by 10.6% to $7.1 billion in January – significantly past the previous peak of $6.5 billion posted two months earlier.

“The majority of the rise in the residential sector was attributable to single-family homes, which climbed 15.1% to a record $3.5 billion – the eighth increase in nine months,” said StatCan.

Meanwhile, multi-family permits rose by 6.5% to $3.5 billion, which StatCan said was driven by higher construction intentions in Ontario (+17.1%), where several permits in excess of $100 million were issued for condominium apartments in the census metropolitan area (CMA) of Toronto.”

The non-residential sector experienced a more modest increase, with the total value of permits issued for non-residential buildings rising 2.6% to $2.8 billion in January after a 10.8% drop in December.

“Following three consecutive monthly declines, industrial permits bounced back to average 2020 levels, increasing 31.7% to $535 million in January,” said StatCan. “High-value permits for an Amazon warehouse in Lachine, Quebec, and for two Eglinton Crosstown light rail transit stations in Toronto helped reverse the downward trend.”