Canada's building permits jump 13.5% in January

By Ovunc Kutlu

ISTANBUL (AA) - Building permits in Canada jumped 13.5% in January to reach $10.8 billion, rebounding from the previous month's decline, according to the country's statistical authority.

The figure showed a strong recovery from a decline of 11.5% in December. Building permits had plummeted 18.8% in April last year to their lowest since December 2020.

The market expectation for the figure was to show a 4.6% increase.

"The total monthly value of residential permits increased 12.6% to $6.5 billion in January, following a weak December," Statistics Canada said Thursday in a statement.

"The total monthly value of non-residential permits increased 14.8% to $4.2 billion in January, following a 4.0% decline in December," it added.

Across Canada, 15,200 new dwellings in multi-unit buildings and 4,000 new single-family dwellings were authorized in January, according to the agency.