Building permit values surge to record monthly total
Building permit totals added 21 percent in value in February, bringing their levels to the highest ever.
Statistics Canada reports that municipalities across the country issued $12.4 billion worth of permits for the month. Intentions in the residential sector were up 9.8% to $7.5 billion, while the non-residential sector jumped more than 43%.
Gains in multi-family permit values in British Columbia (+57.9%) reversed January's decline and contributed to the 18.5% increase at the national level, along with the gains in seven other provinces.
The total value of single family home permits rose 1.5% in February. Seven provinces reported increases.
Meanwhile, the total value of non-residential building permits surged 43.2% to $4.9 billion in February. Large hospital permits in British Columbia and Quebec accounted for a combined $1.9 billion.
Institutional intentions jumped 216.4% for the month, largely reflecting the $1.5 billion St. Paul's Hospital project in Vancouver. Additionally, the $439 million permit for the second phase of le nouveau complexe hospitalier du CHU de Québec also contributed notably to this component.
The value of commercial permits gained 5.6% in February at the national level, with six provinces reporting increases. A $112 million Wawanesa Insurance office headquarters project caused the value of commercial permits in Manitoba to jump 337.4%.
The total value of industrial building intentions fell 27.9% mostly due to declines in Quebec (-44.8%) and Ontario (-28.8%).