Canadian building permits experienced a significant surge in April, surpassing economists’ expectations by fourfold. This rise, the steepest since May 2020, indicates a potential uptick in construction activities amidst the country’s housing shortage crisis.
Residential permits saw a notable increase of 19.6% during the month, primarily fueled by a 32.6% surge in multi-family permits, according to Statistics Canada’s report. Conversely, single-family permits only rose by 2.4%.
On an annual basis, total building permits in April spiked by 27.9%. Non-residential permits also witnessed a rise of 19.6% in the same period, with industrial, commercial, and institutional subsectors all recording substantial gains.
British Columbia set a record with total building permits reaching C$3.1 billion ($2.3 billion) following an 81.1% monthly increase. Vancouver specifically experienced a 139.7% surge in permits. Toronto and Montreal also saw growth, with permits rising by 34.3% and 13.4%, respectively.
In other news, the Competition Bureau obtained court orders related to its investigation into alleged anticompetitive behavior by the parent companies of Loblaws and Sobeys. Additionally, Canadian holding company Tiny Ltd faced a 16% drop after its founders resigned as co-CEOs and one of them announced plans to sell millions of shares.
The International Monetary Fund (IMF) supported Prime Minister Justin Trudeau’s capital gains tax increase, stating it enhances neutrality without significantly impacting investment or productivity. However, the IMF urged the Canadian government to implement further measures to boost revenue and strengthen fiscal policies.
Furthermore, IFS AB struck a deal to acquire Copperleaf Technologies Inc. in a transaction valued at $1 billion, signaling significant developments in the tech sector.
