Statistics Canada reports that the total value of building permits in Canada advanced 8.6% to $10.7 billion in February, indicating robust intentions for both the residential (+7.9% to $6.6 billion) and non-residential (+9.8% to $4.2 billion) sectors.

Seven provinces reported monthly increases, with notable gains in Ontario (+10.7%) and Alberta (+25.6%).

On a constant dollar basis (2012=100), the total value of building permits went up 8.2% to $6.4 billion.

The multi-dwelling component sharply increased by 13.6%, led by a variety of large value permits in Ontario (+25.4%).

Meanwhile, construction intentions in single-family homes remained stable (+0.5%).

Overall, residential permits gained 7.9% to $6.6 billion. Permits were issued for 22,900 new units nationally, 3,600 more than the intentions reported in January.

All four eastern provinces saw gains in the value of permits, collectively advancing 25.7% month over month. Conversely, British Columbia (-13.4%), Alberta (-3.9%) and Saskatchewan (-40.6%) reported monthly declines in residential permits.

The total monthly value of non-residential permits increased 9.8% to $4.2 billion, the highest non-residential value since February 2022. Much of this gain is attributable to several high-value projects in Alberta.

Across the country, gains in the industrial (+42.0%) and commercial (+6.2%) components more than offset losses in the institutional (-7.6%) component.

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