Total Value of Canadian Building Permits Increased in February
Building permits, February 2023
Statistics Canada (StatCan) reported Tuesday (4-4-23) that the total value of building permits in Canada advanced 8.6% to $10.7 billion (CAD) in February. Seven provinces reported monthly increases, with Alberta’s 25.6% increase and Ontario’s 10.7% increase leading the way. On a constant dollar basis (2012=100), the total value of building permits rose 8.2% to $6.4 billion.
In February, residential permits gained 7.9% to 6.6 billion. Permits were issued for 22,900 new units—an increase of 3,600 from January. The multi-dwelling component increased 13.6%, with Ontario posting a 25.4% increase. Single-family home intentions inched higher, gaining 0.5%.
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 the gain was traceable to several high value projects in Alberta. Across the country, gains in the industrial sector of 42.0% and the commercial sector of 6.2% were offset by losses in institutional component of 7.6%.
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