Canadian building permits climbed 8.6% in February from January to a seasonally adjusted $10.73 billion, Statistics Canada reported on April 4.
Permits rebounded for both the non-residential and residential sectors.
TD Securities economists said that market expectations were for an increase of only 2%, compared to a decline of 4% reported by Stats Canada in January.
The February increase reversed declines that had occurred in both December and January. Alberta and Ontario’s permits increased in value the most among seven provinces that saw increases in February, the agency noted.
Overall, however, on a year-over-year basis, the overall value of permits issued in February declined 15.2% compared to last year.
On a year-over-year basis, the overall value of permits issued in February was down 15.2%.
Construction intentions in the residential sector advanced from the previous month, with permits up 7.9% to $6.56 billion, Statistics Canada said. Intentions to build multifamily dwellings rose 13.6%, while intentions for single-family homes edged up 0.5%, Dow Jones reported, citing Statistics Canada data.
Permits for nonresidential buildings increased by 9.8% at $4.17 billion for the month, Statistics Canada said.