Canadians continued to build during August, according to figures released Thursday morning by Statistics Canada.
The nation's number-crunchers reported that the value of Canadian building permits issued in August surged far more than expected on higher construction intentions for condominiums and commercial buildings.
The 10.4% increase well surpassed economists' expectations for a 3% gain. July was revised up to a rise of 3.4% from the previously reported 0.8%
Permits for residential buildings increased 9.6% driven by a 14.7% jump in multi-family dwellings, which include condominiums, apartments and townhouses. It was the third month out of four that the segment has increased.
Plans to build single-family homes rose 6%, with higher construction intentions seen in Ontario and Alberta, which is still recovering from prolonged weakness in oil prices.
The agency also said non-residential permits picked up 11.6% on higher intentions to build retail complexes and recreational buildings. Industrial permits also rose on plans to build utilities facilities.
A 15% tax on foreign homebuyers in Vancouver came into effect in early August but it did not appear to have an impact on building plans in British Columbia. The value of residential permits was up 26.6%
