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Economic news
10.04.2024

Canada’s building permits unexpectedly climb in February

Statistics Canada announced on Wednesday that the value of building permits issued by Canadian municipalities climbed by 9.3 per cent m-o-m in February, following a downwardly revised 12.9 per cent m-o-m surge (from +13.5 per cent m-o-m) in January. 

Economists had predicted a 4.5 per cent decline in February from the previous month.

According to the report, the value of residential building permits increased 7.4 per cent m-o-m in February, reflecting a 9.6 per cent m-o-m jump in single-family permits and a 6.0 per cent m-o-m rise in permits for multi-family dwellings. Meanwhile, the value of non-residential permits soared 12.3 per cent m-o-m in February, as a 57.3 per cent m-o-m surge in industrial permits combined with an 18.2 per cent m-o-m climb in institutional permits more than offset a 7.3 per cent m-o-m fall in commercial permits.

In y-o-y terms, building permits were up 9.1 per cent in February.

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