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February sees a 9% surge in Canadian building permits

February sees a 9% surge in Canadian building permits

Posted on April 15, 2024   |  

Building permits in Canada rose by 9.3% in February, reaching $11.8 billion (CAD) compared to the previous month.

Adjusted for inflation, the total value of building permits increased by 8.5%.

Residential permit values increased by 7.4% to $7.1 billion in February, driven by growth in both single-family and multi-family dwellings.

Across the country, authorization was granted for 16,400 new units in multi-unit buildings and 4,600 new single-family dwellings in February, totaling 253,400 new units authorized over the past year.

Nonresidential permit values grew by 12.3% to $4.7 billion in February, mainly due to a significant 57.8% growth in the industrial sector, totaling $1.3 billion.

Institutional projects also contributed to the growth, with a monthly increase of 18.2% to $1.3 billion, supported by increased permits for large industrial projects nationwide.



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