Canada’s Building Permits Rose 14% In November

The value of building permits in Canada rose 14% to $11.03 billion in November from October, according to data from Statistics Canada.

The residential sector saw higher intentions for the construction of both single-family and multi-family homes during November.

Building permits for both the industrial and institutional components were also up in November from the previous month, said Statistics Canada.

In all, the value of building permits increased in seven Canadian provinces, with Ontario recording the largest increase during November.

Building permits provide an early indication of construction activity in Canada and are based on a survey of 2,400 municipalities, representing 95% of the country's population.

The issuance of a building permit does not mean that construction is imminent.