The value of residential building permits issued by Canadian municipalities rose in January.
Statistics Canada data shows a 1.6% month-over-month increase in permit value for residential buildings, a total of $5.4 billion with the single-family sector up 3.1% to $2.0 billion and the multifamily sector up 0.7% to $3.3 billion.
Ontario was the clear leader for both single-family and multifamily permits by value in January. The value of building permits for multi-family dwellings in the CMA of Toronto rose 26.5% to $871 million, the second highest value on record.
In terms of units, multifamily approvals totaled 21,193 - up 3.5% from December – while the 4,395 single family approvals meant a 2.3% decrease from the previous month.
Non-residential permits see sharp drop
There was a significant drop in the value of permits issued for non-residential buildings in January.
The total of $3.0 billion was down 15.8% from December, the result of lower construction intentions for commercial buildings, down 25.3% to $1.8 billion, following a record high in December.
The decline in commercial building permits meant that the total value for all permits issued for residential and non-residential was $8.4 billion in January, down 5.5% from December’s record high.
