You are here

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.

Your feedback is important to us

Tell us what you think. Email us at btuserfeedback@sph.com.sg

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