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07.03.2024

Canada’s building permits rebounds more than expected in January

Statistics Canada reported on Thursday that the value of building permits issued by Canadian municipalities rebounded by 13.5 per cent m-o-m in January 2024, following an upwardly revised 11.5 per cent m-o-m plunge (from -14.0 per cent m-o-m) in December 2023. This marked the strongest increase since May 2023 (+13.6 per cent m-o-m).

Economists had forecast a 5.5 per cent surge in January from the previous month.

According to the report, the value of residential building permits jumped 12.6 per cent m-o-m in January, reflecting a 35.1 per cent m-o-m climb in permits for multi-family dwellings that was partially offset by a 10.3 per cent m-o-m tumble in single-family permits. Meanwhile, the value of non-residential permits soared 14.8 per cent m-o-m in January, as a 34.5 per cent m-o-m surge in commercial permits combined with a 4.6 per cent m-o-m gain in institutional permits more than offset a 10.8 per cent m-o-m plunge in industrial permits.

In y-o-y terms, building permits were up 4.8 per cent in January.

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