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Canadian building permits' value rises 3.5% in October

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Canadian building permits' value rises 3.5% in October

Canadian building permits issued in October were valued at C$8.22 billion, up 3.5% from the revised C$7.94 billion in September, with only the institutional building component posting a decline, the country's statistical agency reported.

Residential building permits increased 2.3% to C$4.94 billion in October from the revised figure of C$4.83 billion in the previous month. Building permits issued for single and multiple residential structures went up 1.6% and 3.0%, respectively, from September.

Building permits issued for nonresidential structures rose 5.5% to C$3.28 billion in October from the revised C$3.11 billion in September, with the commercial component as the biggest contributor with a 15.6% gain.

The industrial component of the nonresidential sector passed the C$700 million mark for the first time in five years, with building permits jumping 14.2% on a monthly basis. Meanwhile, the institutional component declined 14.3%, offsetting much of the gain in September.