Eastern Canada looking good! – Building permits, February 2023
April 11, 2023 By Anthony Capkun
April 11, 2023 – The total value of building permits in Canada advanced 8.6% to $10.7 billion in February, reports Statistics Canada, which indicates “robust intentions for both the residential (+7.9% to $6.6 billion) and non-residential (+9.8% to $4.2 billion) sectors”.
Seven provinces reported monthly increases, with notable gains in Ontario (+10.7%) and Alberta (+25.6%).
February 2023 saw the residential sector break free of a two-month dip; the multi-dwelling component increased by 13.6%, led by a variety of large-value permits in Ontario (+25.4%).
Meantime, construction intentions in single-family homes remained stable (+0.5%).
Overall, residential permits gained 7.9% to $6.6 billion. Permits were issued for 22,900 new units nationally—3600 more than the intentions reported in January.
All four eastern provinces saw gains in the value of permits, collectively advancing 25.7% month over month. Conversely, British Columbia (-13.4%), Alberta (-3.9%) and Saskatchewan (-40.6%) reported monthly declines in residential permits.
The total monthly value of non-residential permits increased 9.8% to $4.2 billion, the highest non-residential value since February 2022. Much of this gain is attributable to several high-value projects in Alberta.
Across the country, gains in the industrial (+42.0%) and commercial (+6.2%) components more than offset losses in the institutional (-7.6%) component.
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