Canadian Building Permits Rebound More than Expected

2024-03-07 13:40 By Tiago Campos 1 min. read

The total value of building permits in Canada climbed by 13.5% over a month to $10.8 billion in January 2024, rebounding after a downwardly revised 11.5% drop in December.

It compares with market expectations of a 5.5% rise.

The total value of residential permits increased 12.6% to $6.5 billion in January, led by a 35.1% rebound in multi-unit construction intentions, the largest monthly expansion in the series.

Ontario (+29.1%) recorded the steepest increase.

On the other hand, construction intentions in single-family dwellings edged down 10.3% to $2.6 billion.

Meanwhile, non-residential sector permits rose by 14.8% to $4.2 billion in January, led by the commercial component, which increased 34.5% to $2.3 billion, the highest monthly level recorded since April 2023.

A $200 million permit for a new data center in Lévis, Quebec, greatly contributed to the growth observed during this month.



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