The value of residential building permits issued by Canadian municipalities rose in January.
Statistics Canada data shows a 1.6% month-over-month increase in permit value for residential buildings, a total of $5.4 billion with the single-family sector up 3.1% to $2.0 billion and the multifamily sector up 0.7% to $3.3 billion.
Ontario was the clear leader for both single-family and multifamily permits by value in January. The value of building permits for multi-family dwellings in the CMA of Toronto rose 26.5% to $871 million, the second highest value on record.
In terms of units, multifamily approvals totaled 21,193 - up 3.5% from December – while the 4,395 single family approvals meant a 2.3% decrease from the previous month.
Non-residential permits see sharp drop
There was a significant drop in the value of permits issued for non-residential buildings in January.
The total of $3.0 billion was down 15.8% from December, the result of lower construction intentions for commercial buildings, down 25.3% to $1.8 billion, following a record high in December.
The decline in commercial building permits meant that the total value for all permits issued for residential and non-residential was $8.4 billion in January, down 5.5% from December’s record high.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate