Meanwhile the value of residential building permits issued by municipalities in October increased 15.5 per cent to $4.8 billion according to Statistics Canada. The rise followed an 11.4 per cent drop in September and a 5.4 per cent decline in August. Alberta, Ontario and British Columbia saw the biggest increases in permits issued while Manitoba and Quebec declined the most.
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The housing market is continuing to grow with new data showing increases in both housing starts and permits. Housing starts trended higher in November with the standalone seasonally-adjusted annual rate rising to 211,916 from 197,712 in the previous month. Canada Mortgage and Housing Corporation reported that urban starts increased by 7.7 per cent in November to 195,121 units; multi-unit urban starts increased by 13.2 per cent to 137,898 units; and the single-detached urban starts segment decreased by 3.6 per cent to 57,223 units. Urban starts increased in the Prairies, Ontario, and Atlantic Canada, but decreased in British Columbia and Québec.