Residential building permits edge up in January

OTTAWA ― Canadian municipalities issued $8.4 billion worth of building permits in January, StatCan reports, down 5.5% from the record high in December. Lower construction intentions for commercial buildings were responsible for the national decline. In the residential sector, the value of building permits increased 1.6% from December to $5.4 billion. Both single-family and multi-family dwellings posted gains. The value of single-family dwelling permits rose 3.1% to $2 billion. Four provinces reported increases, led by Ontario, with Quebec a distant second. In the multi-family dwelling component, building permits issued by municipalities rose 0.7% to $3.3 billion in January, surpassing the record high set in December. This was the fifth consecutive monthly increase. The largest gain was in Ontario, while Quebec reported the largest decline.