October 15, 2022 By Anthony Capkun
October 15, 2022 – Statscan reports total value of building permits in Canada increased 11.9% in August 2022 to $12.5 billion across both residential and non-residential components.
Residential permits in August increased 12.0% to $8.4 billion nationally, with gains in Ontario offsetting losses posted in seven provinces.
Construction intentions in the single-family homes component edged up 0.4%.
The value of building permits in the multi-family component increased by 22.2%—again, largely due to Ontario (+85.3%). A $480-million permit for a luxury skyscraper in Toronto, along with several other permits for apartments, resulted in the largest-recorded monthly value for that province.
The total permit value of the non-residential sector increased 11.8% to $4.0 billion in August.
The value of building permits in the industrial component rebounded with an increase of 18.1%. Saskatchewan sharply increased by 77.7%, with three permits over $5 million. Nova Scotia also had a notable increase with a variety of smaller permits.
Institutional permit values sharply increased by 39.1%, mainly due to Ontario (+224.2%). Permits for a new school in Hamilton and a new building for George Brown College in Toronto were behind much of the increase.
Construction intentions in the commercial component decreased 1.4%, largely due to Alberta and Saskatchewan. Conversely, Manitoba saw notable growth in August due to a $50-million permit for an office building in Winnipeg.
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