Building Permits Continue Growth

March marked the third consecutive month of record-setting numbers as building permits rose 5.7 per cent to $10.9 billion, reflecting a booming residential sector, says Statistics Canada. The residential sector climbed 15.9 per cent, clearing the $8 billion mark for the first time in March. Multi-family dwellings jumped 24.5 per cent compared with February to an unprecedented $4.3 billion. This gain resulted largely from permits being issued for residential towers in the Ontario cities of Toronto, Burlington, and Vaughan. Single-family homes also reached new heights, increasing 7.6 per cent to $3.8 billion. Following a month in which several major permits were issued for care facilities, institutional permits fell 33.5 per cent to $732.1 million. Eight provinces posted a decline in this component, with Quebec (down 54.5 per cent) recording the most significant drop. Commercial permits decreased 14.6 per cent to $1.5 billion, about 25 per cent lower than the average monthly value reported in 2019. Industrial permits were the only component to report a gain in the non-residential sector, rose 16.4 per cent to $650.5 million.