Value of Canadian building permits up 11.9 percent in August

Wednesday, 05 October 2022 23:21:52 (GMT+3)   |   San Diego
       

According to Statistics Canada, the total value of building permits in Canada increased 11.9 percent in August to $12.5 billion. Both the residential sector (+12.0 percent to $8.4 billion) and non-residential sector (+11.8 percent to $4.0 billion) saw strong gains, with Ontario causing much of the increase.

Residential permits in August increased 12.0 percent to $8.4 billion nationally. Gains in Ontario offset losses posted in seven provinces.

The value of building permits in the multi-family component sharply increased by 22.2 percent, largely due to Ontario (+85.3 percent). A $480 million permit for a luxury skyscraper in Toronto along with several other permits for apartments resulted in the largest recorded monthly value for the province.

The total permit value of the non-residential sector increased 11.8 percent to $4.0 billion in August. The value of building permits in the industrial component rebounded with an increase of 18.1 percent. Saskatchewan sharply increased by 77.7 percent with three permits over $5 million. Nova Scotia also had a notable increase with a variety of smaller permits.

Institutional permit values sharply increased by 39.1 percent, mainly due to Ontario (+224.2 percent). Permits for a new school in Hamilton and a new building for the George Brown college in Toronto were behind much of the increase.

Construction intentions in the commercial component decreased 1.4 percent, largely due to Alberta and Saskatchewan. Conversely, Manitoba saw notable growth in August due to a $50 million permit for an office building in Winnipeg.


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