Canadian building permits rise 8.8% on multi-unit surge

The value of Canadian building permits rose 8.8% in August to $13.6 billion, driven by an increase in multi-unit construction permits, which reached $5.8 billion. Residential permits rose by $1.1 billion to $8.5 billion, with single-family permits steady at $2.6 billion. Ontario led the multi-unit growth, followed by British Columbia and Alberta. Despite the monthly rise, the 12-month total home authorizations declined to 299,500 from 305,500.