Building permits set new record in January

January saw a record high total value of building permits issued, StatCan reports, up 8.2 percent to $9.9 billion and surpassing the previous record of $9.6 billion set in April 2019. These gains were driven primarily by the residential sector. The value of residential permits rose 10.6 percent to $7.1 billion in January—rising past the previous peak of $6.5 billion posted two months earlier.

Provincial highs were reported in Ontario, Quebec, New Brunswick, and Manitoba. The majority of the increase was attributable to single-family homes, which climbed 15.1 percent to a record $3.5 billion—the eighth increase in nine months.