Nationally, the total value of building permits in Q1 2023 jumped 4.8% from Q4 2022 to $32.4B, putting an end to three consecutive quarterly declines. StatCan_eng | realestate realestatenews
coincided with a flurry of building permits issued across Canada. That spike in activity, however, was focused away from housing., the total value of building permits issued jumped 11.3% to $11.8B from February to March. The growth was led by the non-residential sector, with the total value of permits rising 32.0% month over month to a record-high of $5.2B.
“This coincided with the Bank of Canada’s decision to pause interest rate hikes, the first reprieve since initial hikes started in March 2022,” StatCan said.The value of new residential construction permits dipped 0.9% in March to $6.6B. Single-family dwellings led the decline, falling 4.3% or $115.9M, while the value of multi-family dwellings rose 1.5% or $58.0M. Nationally, permits for 21,400 new dwellings were issued in March.
However, the gains were offset by sizeable declines in five provinces. Ontario weighed the sector down the most, with the value of residential construction permits falling by $246.6M, or 8.1%, on a monthly basis. Proportionally, Saskatchewan saw the largest decline, with intentions falling by 27%, or $12.7M.
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