BREAKING: Canada building permits jump +20% m/m 📃

01:30 PM BST, Canada - Building Permits for April:

• actual 20.5% MoM; forecast 4.9% MoM; previous -12.3% MoM;

In April 2024, the total value of building permits in Canada rose significantly by 20.5% to reach $12.8 billion, driven by increases in both residential and non-residential sectors.

• Residential permits grew by 21.0% to $8.0 billion, primarily due to a 32.6% surge in multi-family housing permits.
• Non-residential permits rose by 19.6% to $4.8 billion, with notable growth in commercial, institutional, and industrial components.

British Columbia led the increases, setting a record high with $3.1 billion in permits, especially in multi-family housing and non-residential sectors. The total number of authorized housing units also hit a record level, despite minimal change in the annual cumulative total.