Ottawa Building Permits Soared

The value of building permits issued so far this year in Ottawa is down almost ten per cent from 2005 levels.

The value of Canadian building permits soared past expectations in August, rising 8.3 % from July to their second-highest level on record on a surge of activity in both the residential and non-residential markets.

Non-residential permits provided most of the strength, rising 14.2 % in August from July but residential permits also jumped 5.0 %bon strong demand for single- and multi-family units.

Based on these results, the housing sector has remained clearly healthy. The favorable job market, a dynamic economy in western Canada, solid consumer confidence and still advantageous mortgage rates continued to sustain the nation's housing market.