Building permit totals jump 14% in November
The total value of building permits issued by municipalities in November jumped by more than 14 percent to $11.0 billion, rebounding after two consecutive monthly losses.
The value of residential permits increased by 13.7% to $7.1 billion as a result of a strong performance in the multi-family sector and a rebound in single-family homes.
The multi-family permits increased 19%. Ontario contributed to much of the growth with 21 permits for new condominiums and apartments valued at over $10 million. The total number of planned dwelling units in Ontario grew 60% month over month, returning to historical averages reported over the last three years.
Permits in the single-family dwelling component, meanwhile, advanced 7.1% following four consecutive monthly declines. Gains were posted in seven provinces. Despite the increase in value, the number of dwelling units posted its sixth consecutive monthly decrease.
On the other side of the ledger, the total permit value of the non-residential sector rose 14.9% to $3.9 billion in November.
The value of permits in the institutional component strongly increased by 40.6%. Much of the gain was because of a new courthouse planned for development in Toronto valued at just over $500 million. This project helped offset losses posted in six provinces.
The value of building permits in the industrial component also showed a strong progression with an increase of 32.4% following significant gains the previous month. Ontario led the way with a $425 million permit for a manufacturing plant in Toronto.
Finally, intentions in the commercial component edged down 0.6%, mostly because of losses posted in British Columbia.