Increases have begun in building permits in Canada

The total value of building permits in Canada grew by 8.6% in February, reaching $10.7 billion, indicating strong growth in both residential and non-residential sectors.

Ontario and Alberta showed significant increases in permits, while in constant dollar terms, the total value of permits increased by 8.2% to $6.4 billion.

Multi-family dwelling permits increased substantially, while construction trends for single-family homes remained stable. National permits were issued for 22,900 new units, and the eastern provinces collectively saw a 25.7% increase in permit values.

In contrast, British Columbia, Alberta, and Saskatchewan reported decreases in residential permits. Alberta was responsible for the growth in non-residential permits, increasing to $4.2 billion, thanks to high-value projects.