Value of Canadian Building Permits Increases 2.9% in February

On Thursday, Statistics Canada (StatCan) reported that the total value of building permits issued in Canada rose 2.9%, or $371.3 million (CAD), to $13.1 billion in February. In constant dollar terms (2017=100), the value of permits increased 3.2% from January and was up 5.6% year-over-year.

Residential Permits

Residential construction intentions declined by $247.4 million, or 2.9%, to $8.4 billion in February. The multi-family segment accounted for most of the decrease, falling by $224.8 million, while single-family permits edged down by $22.6 million.

A total of 21,000 multi-family dwellings and 4,800 single-family units were authorized during the month, a 7.1% decline from January.

Nonresidential Permits

The value of nonresidential building permits jumped by $618.7 million, or 15.3%, to $4.7 billion in February, marking a rebound after four consecutive monthly declines.

All three nonresidential components saw gains: commercial permits rose by $481.8 million, industrial by $86.2 million, and institutional by $50.7 million. The industrial segment ticked up following a downward trend that began in September 2024.