Canada Building Permits Soar in January, Showing Strong Growth
Thursday, 7 March 2024, 13:30
Canada Building Permits Update
Prior was -14.0% (revised to -11.5%).
The total value of building permits in Canada rose 13.5% in January to $10.8 billion.
Sector Breakdown:
- Residential sector increased 12.6% to $6.5 billion.
- Non-residential sector grew 14.8% to $4.2 billion.
I wouldn't take this as a sign of a building boom just yet, though that's certainly what's needed in Canada. Multi-unit permits rose 35.1% with Ontario leading the way. These numbers can be lumpy. Single-family permits fell 10.3%. On the non-residential side, a $200 million permit for a new data centre near Quebec City greatly contributed to the growth.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.