Total Value of Canadian Building Permits Issued in February Sets New Record

Statistics Canada (StatsCan) is reporting that the total value of building permits issued in February broke the $10-billion mark for the first time, as a jump in the non-residential sector more than offset the decline in the residential sector. The non-residential sector jumped 14.2% to $3.3 billion in February with all three components posting gains. Despite the large jump in this sector, the level remained about -13% below the peak reached in April 2019. Institutional permits saw their largest value increase since June 2020, as the total for this component climbed $226 million to $1.0 billion. The commercial component increased 11.4% to $1.7 billion — the highest level since September 2020. Residential construction intentions decreased 2.9% to $6.8 billion in February, following a record month in January. Building permits for single-family homes dipped 1.0% to $3.5 billion, although they remained at historically high levels. From January 2018 to the end of 2020, the value for multi-family dwellings had exceeded that of single-family homes. However, shortly after the start of the pandemic, the gap between these two components steadily closed. By January 2021, the value of permits for single-family homes had once again surpassed that of multi-family dwellings and continued to do so in February.


FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.