Building permits spike to four-month high

by 09 Dec 2015
Bloomberg News
Canadian building permits rose by the most in four months in October, paced by gains in multi-family and institutional intentions in Calgary.

The nationwide value of municipal permits rose 9.1 percent from a month earlier, Statistics Canada said Tuesday from Ottawa. Permits for housing jumped 15.5 percent on the month while non-residential declined 0.2 percent.

Economists surveyed by Bloomberg had predicted a gain of 2.9 percent.

Permits in the oil hub of Alberta, whose economy is under strain from a crash in crude prices, surged 53 percent -- the most since February 2011, with the 63.9 percent increase in residential intentions exceeding that of any other province. The value of combined intentions in Calgary more than doubled, increasing 154.2 percent. The provincial jump was attributed to contractors applying for permits before a Nov. 1 change in regulations.

Toronto and Vancouver, Canada’s most expensive real estate markets where prices have more than doubled over the last decade, saw the value of permits increase 14.2 percent and 9 percent in October from the previous month.

From the same month a year earlier, building permits rose 3.3 percent nationally and 25.7 percent in Toronto. They fell 40.8 percent in Vancouver.

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