Canadian home building and housing overall continues strong

canada-maple-leaf-lgprintRTTNews reports Canadian building permits matched a record high in July.  This suggests Canada’s housing market continues to thrive despite economic concerns. The value of building permits rose 6.3 percent to C$7.0 billion in July, matching the record set in May 2007, according to Statistics Canada. Much of the increase was for permits for apartments and condos in Toronto. Building permits nationwide were up for a third consecutive month, but intentions declined in Quebec. In the residential sector, the value of permits nationally increased 14.6 percent to C$4.3 billion, the highest level in more than five years. Statistics Canada reported that new house prices continued to edge higher in July. The agency’s New Housing Price Index rose 0.1 percent in July, following a 0.3 percent advance in June. The metropolitan region of Toronto and Oshawa was the top contributor to the increase in July.

(Graphic credit: Wikimedia Commons)

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