Canada Building Permits Rebound in December

The value of building permits in Canada increased 7.4 percent from a month earlier to CAD 8.7 billion in December 2019, rebounding from an upwardly revised 3.5 percent decline in the previous month and above market forecasts of a 2.3 percent gain. The value of residential permits advanced 6.8 percent to CAD 5.04 billion, as a rise the multi-family segment (15.9% to CAD 2.87 billion) more than offset a decline in single-family dwellings (-3.2% to CAD 2.2 billion). Additionally, the value of permits in the non-residential sector increased 8.3 percent to CAD 3.63 billion, driven by commercial permits (19.7% to CAD 2.0 billion) largely due to plans for the multi-use commercial development, “Royalmount”; and institutional permits (10.8% to CAD 1.0 billion, its highest level since September 2017), due to redevelopment of the Centre for Addiction and Mental Health in Toronto. Considering full 2019, the value of building permits went up 2.6 percent compared to 2018.