According to Statistics Canada, the total value of building permits rose 21.0 percent to a record $12.4 billion in February, with British Columbia (+130.2 percent) leading the way. Construction intentions in the residential sector were up 9.8 percent, while the non-residential sector jumped 43.2 percent, driven mainly by large hospital permits in British Columbia and Quebec.
Construction intentions in February for the residential sector rose 9.8 percent to $7.5 billion at the national level, with nine provinces reporting gains.
Gains in multi-family permit values in British Columbia (+57.9 percent) reversed January's decline and contributed to the 18.5 percent increase at the national level, along with the gains in seven other provinces.
The total value of single family home permits rose 1.5 percent in February. Seven provinces reported increases.
The total value of non-residential building permits surged 43.2 percent to $4.9 billion in February, largely reflecting large hospital permits in British Columbia and Quebec worth a combined $1.9 billion.
Construction intentions in the institutional component jumped 216.4 percent for the month, largely reflecting the $1.5 billion St. Paul's Hospital project in Vancouver. Additionally, the $439 million permit for the second phase of a new hospital complex in Québec also contributed notably to this component.
The value of commercial permits gained 5.6 percent in February at the national level, with six provinces reporting increases. A $112 million Wawanesa Insurance office headquarters project caused the value of commercial permits in Manitoba to jump 337.4 percent.
The total value of industrial building intentions fell 27.9 percent mostly due to declines in Quebec (-44.8 percent) and Ontario (-28.8 percent).