Canada real estate: $2.5 billion worth of detached homes permitted in August, continuing upward trend

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      The value of single-family homes permitted for construction continues to rise.

      In August 2020, applications to build a total of $2.5 billion worth of detached houses across the country got the green signal.

      This represents a 9.9 percent increase over July, Statistics Canada reported.

      In a report Thursday (October 1), the agency noted that the value of single-family homes with permits has been increasing over the last few months.

      In July 2020, the value totalled $2.3 billion, rising from $2.2 billion in June.

      In May this year, the value of detached homes permitted for construction jumped to $2 billion from the April figure of $1.4 billion.

      Last August, municipalities granted building permits for 5,347 new single-family homes.

      The number constitutes a 12 percent increase over 4,775 in July 2020.

      Permits were also issued for 16,442 multiple unit homes in August, a 16.2 percent over 14,150 last July.

      And in all, the total value of residential permits increased by 7.1 percent to $5.6 billion in August, according to Statistics Canada.