According to Statistics Canada, the total value of building permits in Canada increased 9.3 percent month-over-month to $11.8 billion in February. The non-residential sector grew 12.3 percent to $4.7 billion due to the issuance of several major construction permits, while the residential sector increased 7.4 percent to $7.1 billion. Ontario (+21.7 percent to $5.0 billion) led the growth, with gains occurring across all components.
The growth was mostly attributed to the industrial component, which increased 57.8 percent to $1.3 billion in February. Permits for large industrial construction projects were issued across the country. They included permits for the construction of a new battery plant in Windsor, Ontario, a new dairy processing facility in Abbotsford, British Columbia, a new pea processing plant in Yorkton, Saskatchewan, and the expansion of an aluminum smelting facility in Saguenay, Quebec.
The monthly growth in the non-residential sector in February was also supported by the increase in the institutional component (+18.2 percent to $1.3 billion).
Across Canada, 16,400 new dwellings in multi-unit buildings and 4,600 new single-family dwellings were authorized in February. From March 2023 to February 2024, a total of 253,400 new units were authorized.