Statistics
Canada announced on Tuesday that the value of building permits issued by
Canadian municipalities jumped by 20.5 per cent m-o-m in April, following a
downwardly revised 12.3 per cent m-o-m plunge (from 11.7 per cent m-o-m) in March.
This marked the strongest increase since May 2020 (+32.6 per cent m-o-m).
Economists had predicted
a 2.2 per cent gain in April from the previous month.
According to
the report, the value of residential building permits surged 21.0 per cent
m-o-m in April, reflecting a 32.6 per cent m-o-m climb in permits for
multi-family dwellings and a 2.4 per cent m-o-m rise in single-family permits. Meanwhile, the value of non-residential permits soared
19.6 per cent m-o-m in April, as all three non-residential components - commercial
(+21.3 per cent), institutional (+17.7 per cent) and industrial (+17.4 per
cent) permits - leapt up.
In y-o-y terms,
building permits were up 27.9 per cent in April.