Canada Building Permits Rise 8.8% in August
Statistics Canada reports a rebound in building permit values to 13.57 billion Canadian dollars, driven primarily by a surge in multi-family residential projects.
Building permit values in Canada rose 8.8% in August to a seasonally adjusted 13.57 billion Canadian dollars, according to data from Statistics Canada. This rebound follows a revised 15.8% decline recorded in July.
The increase was driven by the residential sector, where permit values jumped 15.3% to 8.47 billion Canadian dollars. Multi-family dwellings led this growth with a 23.8% rise in permits, and Ontario recorded the highest gains among all provinces and territories.
Nonresidential building permits fell 0.6% to 5.1 billion Canadian dollars, a decline attributed to lower commercial construction plans. Despite the August increase, the Canada Mortgage and Housing Corporation notes a persistent housing supply gap. The agency estimates that Canada continues to fall short of the annual home production required to restore pre-pandemic affordability by 2036.
