Canada building permits see biggest jump in six months
The value of Canadian building permits saw its biggest increase in six months in March, helped by a gain in construction intentions for multifamily homes in Ontario and British Columbia, data from Statistics Canada showed on Thursday.
The value of permits issued for the month jumped 11.6 per cent to $6.87-billion, handily topping economists’ forecasts for a gain of 2.5 per cent.
It was the first increase in three months and the biggest gain since September 2014, the agency said.
The value of non-residential permits climbed 22.1 per cent, with increases seen in several provinces, including British Columbia and Alberta. Construction intentions were higher for a variety of institutional and commercial buildings.
Residential permits rose 6.6 per cent, driven by a 19.6 per cent rise in plans for multifamily buildings, which includes primarily apartments and condominiums. Construction plans for single-family homes slipped 3.4 per cent, down for the second month in a row, with oil-sensitive Alberta seeing the largest drop.