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Value of Building Permits Up By 18%

Posted by James Osmar | Posted in Real Estate Articles | Posted on 07-12-2009

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Statistics Canada attributed the spike to construction intentions for single-family dwellings and non-residential permits.

The value of building permits for single-family dwellings increased for an eighth consecutive month, up 10.1 per cent to $2.4 billion in October. Every province except Nova Scotia and Prince Edward Island contributed to the advance in single-family construction intentions.

The value of building permits for multi-family dwellings fell 8.2 per cent to $1 billion after increasing 34.3 per cent in September.

Municipalities issued permits worth $2.7 billion, up 42.4 per cent following a 9.2 per cent decline in September. Municipalities have issued building permits worth $48.3 billion between January and October, 20.8 per cent less than in the same period in 2008.

In the industrial component, the value of building permits doubled to $709 million. This was the third consecutive monthly increase, fueled by higher construction intentions in Alberta, Ontario and Quebec.

After four monthly consecutive declines, the value of institutional building permits increased 50.9 per cent to $904 million. The gain was largely attributable to educational institution projects in Alberta, Saskatchewan, Quebec and British Columbia. Ontario had an increase in the value of permits for medical buildings.

Regional strength

In total, the value of building permits was up in six provinces and 20 of Canada's 34 largest metropolitan areas.

The largest increases were in Alberta, Ontario, Saskatchewan and Quebec. All four provinces saw growth in the value of building permits for single-family dwellings and in the non-residential sector.

After substantial gains in September, New Brunswick and Nova Scotia posted the largest declines in October.

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