Statistics
Canada reported on Thursday that the value of building permits issued by
Canadian municipalities rebounded by 13.5 per cent m-o-m in January 2024,
following an upwardly revised 11.5 per cent m-o-m plunge (from -14.0 per cent
m-o-m) in December 2023. This marked the strongest increase since May 2023
(+13.6 per cent m-o-m).
Economists had forecast
a 5.5 per cent surge in January from the previous month.
According to
the report, the value of residential building permits jumped 12.6 per cent
m-o-m in January, reflecting a 35.1 per cent m-o-m climb in permits for
multi-family dwellings that
was partially offset by a 10.3 per cent m-o-m tumble in single-family permits. Meanwhile, the value of
non-residential permits soared 14.8 per cent m-o-m in January, as a 34.5 per cent
m-o-m surge in commercial permits combined with a 4.6 per cent m-o-m gain in
institutional permits more than offset a 10.8 per cent m-o-m plunge in
industrial permits.
In y-o-y terms,
building permits were up 4.8 per cent in January.