Value of new building permits spike in Alberta, StatsCan says

The value of new building permits in Alberta surged in October by more than 40 per cent, driven in part by developers rushing to get projects started before stricter construction standards took effect, according to Statistics Canada.

"The increase in building permits in October was largely attributable to the end of the transition period for the implementation of the 2011 National Energy Code of Canada for Buildings and the 'Energy Efficiency'section of the 2014 Alberta Building Code," the agency said in a release.

In Calgary, the value of building permits increased60.9 per cent from September to October to $923million, led by commercial buildings and multi-family homes.

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That monthly spike contrasts with a 12-month decline of 25.4 per cent. In Edmonton, there was a 23.6 per cent year-over-year increase in the value of building permits

A major uptick in both single-family and multi-family housing construction in Alberta as well as Ontario and B.C. led a national increase of almost eight per cent in both categories.

Alberta housing market set for recovery

In its 2017 housing market outlook released Thursday, Re/Max said the housing markets inCalgaryandEdmontonstayed relatively stable in 2016, but should start to rebound next year.

"Buyer activity is expected to pick up slightly in the second half of 2017 if employment opportunities in the oil sector continue to gradually come back to the province," the report said.

The average residential sale price in Calgary decreased by four per cent year-over-year, while the average price inEdmontondipped by two per cent.

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