April 5, 2012 / 12:42 PM / 6 years ago

Canada Feb building permits rebound, housing down

OTTAWA (Reuters) - Canada’s construction industry ramped up its building intentions in February after a slow start to the year, with the value of building permits jumping 7.5 percent entirely on plans for non-residential projects, Statistics Canada said on Thursday.

The increase followed a 11.4 percent drop in January and was more than double the consensus forecast of a 3 percent increase.

Permits taken out for residential buildings fell 5.3 percent on a drop in plans for single-family and multi-family units.

Permits in the non-residential sector soared 36.2 percent. Plans for industrial buildings jumped 151 percent to a one-year high while those for institutional and commercial buildings rose 65 percent and 3 percent, respectively.

The overall value of permits in Toronto, one of the hottest real estate markets in the country, slid 12 percent in the month. In Vancouver, another hot spot, the value of permits rose 10 percent.

Editing by Theodore d'Afflisio

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