Canada building permits rise in Dec on residential plans
[OTTAWA] The value of Canadian building permits rose more than expected in December, boosted by plans to build single-family homes in Ontario, which took steps to cool the Toronto market earlier last year, data from Statistics Canada showed on Wednesday.
The overall seasonally-adjusted 4.8 per cent increase in building permits topped economists' forecasts for a 2 per cent gain. November was upwardly revised to a decline of 7.3 per cent from the initially reported 7.7 per cent decline.
Residential permits rose 8 per cent nationally, as the province of Ontario saw a 15.7 per cent jump in construction intentions for single-family homes.
The Ontario government implemented a number of measures last spring to rein in rampant price increases in Toronto and the surrounding areas. While single-family building permits declined in Toronto in December, that was offset by increases in the nearby Barrie and Kitchener regions.
Plans for multi-family homes, which include condominiums and townhouses, also drove permits higher, with construction intentions led by British Columbia.
Nonresidential permits dipped 0.6 per cent as a decline in plans for commercial and institutional buildings offset a jump in the industrial component.
On a non-adjusted basis, building permits rose 10.4 per cent in 2017, the biggest increase since 2010, as both residential and non-residential building plans increased.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Singapore office rents in central region fall 1.7 per cent in Q1 after rising for 9 quarters
Singapore retail rents slip 0.4% in Q1 as vacancy rates creep up
Country Garden plans to present debt revamp plan in H2, sources say
Hong Kong home prices rise for first time in 11 months after curbs scrapped
HDB resale prices accelerate, rising 1.8% in Q1 on stronger demand
Private home prices ease to 1.4% rise in Q1; rents fall a further 1.9%