Home building permits bounce back

There was an unexpected gain for building permits in October with the residential sector rising after three consecutive monthly declines.

Statistics Canada reported Thursday that permits issued totalled $8.2 billion, up 3.5% with residential permits up 2.3% (seasonally adjusted figures.

Municipalities in the CMA of Montréal issued $538.1 million in permits for multi-family dwellings in October, beating Toronto ($409.2 million) and Vancouver ($330.6 million). For single-family homes, Toronto registered $451.3 million in permits, followed by Vancouver ($148.1 million) and Montréal ($122.4 million).

Residential permits in Ontario gained with single-family dwellings up 3.3% from September in dollar terms but down 0.4% in units; multi-family permits gained 23.1% in value to more than $1 billion.

There was also a strong gain for multi-family permits issued in Quebec with $686.6 million issued, 78% in the Montreal CMA. The province has increased its multi-family permits every month for the last 8, its longest streak of gains.

October’s total value of non-residential permits issued nationally was up $171.7 million to $3.3 billion.

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