April 22, 2024 – Month over month, the total value of building permits in Canada increased 9.3% to $11.8 billion in February, reports Statistics Canada.The non-residential sector grew 12.3% to $4.7 billion due to the issuance of several major construction permits, while the residential sector increased 7.4% to $7.1 billion. Ontario (+21.7% to $5.0 billion) led the growth, with gains occurring across all components.Growth in the non-residential space is mostly attributed to the industrial component, which increased 57.8% to $1.3 billion in February.Permits for large industrial construction projects were issued across the country, including permits for a new battery plant in Windsor, Ont., a new dairy processing facility in Abbotsford, B.C., a new pea processing plant in Yorkton, Sask., and the expansion of an aluminum smelting facility in Saguenay, Que.The monthly growth in the non-residential sector in February was also supported by the increase in the institutional component (+18.2% to $1.3 billion).On the residential side, Ontario (+14.2% to $2.8 billion) contributed the most to the rise in value of both single-family and multi-family dwelling permits.Intentions for residential construction growth were divided between single-dwelling (+9.6%, +$248.2 million) and multi-dwelling (+6.0%, +$239.3 million) permits.In addition to Ontario, British Columbia (+5.9%, +$76.4 million), Quebec (+3.9%, +$44.2 million) and Alberta (+3.9%, +$41.7 million) were the primary contributors to the second consecutive monthly increase in the residential sector.Across Canada, 16,400 new dwellings in multi-unit buildings and 4600 new single-family dwellings were authorized in February. From March 2023 to February 2024, a total of 253,400 new units were authorized. (ICE TORONTO)

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