Residential building permits jumped almost 10 per cent in August

There was a 9.6 per cent rise in the value of residential building permits issued in August, compared with July, with a total value of $4.5 billion.

Statistics Canada data shows that the rise was driven by a surge in permits issued for multifamily dwellings which rose 14.7 per cent to $1.9 billion. Single-family home permits were up 6.0 per cent to $2.5 billion.

In volume terms, there was a 5.9 per cent increase to 16,544 new dwellings with multifamily up 7.9 per cent to 10,557 and single-family up 2.5 per cent to 5,987.

Six provinces posted increases, led by Ontario and British Columbia.

Including non-residential, the total value of permits was up 10.4 per cent in August from July to a total value of $7.3 billion; the second consecutive month of higher intentions.

More Mortgage Guide