- CMHC
Canada's building permits increased the most in over two years in February, as the oil-rich Alberta province reported a surprise construction boom, driven by strong demand for commercial buildings. The value of Canadian building permits issued in February skyrocketed by 15.5% to C$7.4 billion, the biggest gain since January 2014, according to Statistics Canada. The figures came in better than expected, with market consensus anticipating a more modest increase of 3.9% for the reported month. Meanwhile, January's decrease was slightly revised down to 9.5%. The value of permits issued in Alberta surged 47.7% amid higher construction intentions for commercial buildings and institutional structures. Permits issued in the province dropped by 4.4% in January.
Canada's non-residential construction intentions on a national level were the main contributor to the overall increase, advancing 33.1%, the most since August 2012. Meanwhile, residential building permits recovered 5% on a national level, led by the most-populated provinces of Ontario and Alberta. Other residential data from February was robust. Canada's housing starts overshot expectations by soaring to 212,594 units, following the downwardly revised 165,071 units posted in January.
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