RSS Canada October building permits -3.1% vs -5.0% expected

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 RSS Canada October building permits -3.1% vs -5.0% expected

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  • Non-residential permits -11.0% to C$4.7B
  • Residential permits +2.3% to C$7.9B

Details:

  • Ontario saw significant declines (-$696.4M), particularly in non-residential sector
  • Institutional component declining: -20.2% m/m (-$368.2M)
  • Commercial (-$127.5M, -5.9%) and industrial (-$80.6M, -6.4%) also declined
  • British Columbia (+$275.6M) and Alberta (+$158.9M) led residential growth
  • Multi-family permits edged up slightly (+$37.6M), while single-family rose more substantially (+$139.6M)
  • Total building permits decreased by $399.1M (-3.1%) to $12.6B in October

This is a lumpy series but it's holding up better than expected. This was still the fourth-highest level in the series.

This article was written by Adam Button at www.forexlive.com.
 
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