Ottawa, ON — After two consecutive monthly losses, the total value of building permits in Canada rose 14.1 per cent in November to $11.0 billion, reports Statistics Canada.
The value of building permits in the multi-family dwelling component was up 19 per cent, thanks to large contributions from Ontario. The total number of planned dwelling units in Ontario grew 60 per cent month over month.
Additionally, the single-family dwelling component jumped 7.1 per cent following four consecutive monthly declines. Seven provinces recorded gains, but despite the increase in value, the number of dwelling units posted its sixth consecutive monthly decrease.
The total value of residential permits increased 13.7 per cent to $7.1 billion nationally in November.
Following significant gains last month, the value of building permits in the industrial component continued to progress, up 32.4 per cent. Once again, Ontario led the way with a $425 million permit for a manufacturing plant in Toronto.
However, due to losses seen in British Columbia, construction intentions in the commercial component edged down 0.6 per cent.
The total value of building permits in the institutional component strongly increased, up 40.6 per cent. The increase was largely thanks to a new courthouse planned for development in Toronto valued at just over $500 million, which helped offset losses seen in six provinces.