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11.06.2024

Canada’s building permits jump much more than forecast in April

Statistics Canada announced on Tuesday that the value of building permits issued by Canadian municipalities jumped by 20.5 per cent m-o-m in April, following a downwardly revised 12.3 per cent m-o-m plunge (from 11.7 per cent m-o-m) in March. This marked the strongest increase since May 2020 (+32.6 per cent m-o-m).

Economists had predicted a 2.2 per cent gain in April from the previous month.

According to the report, the value of residential building permits surged 21.0 per cent m-o-m in April, reflecting a 32.6 per cent m-o-m climb in permits for multi-family dwellings and a 2.4 per cent m-o-m rise in single-family permits. Meanwhile, the value of non-residential permits soared 19.6 per cent m-o-m in April, as all three non-residential components - commercial (+21.3 per cent), institutional (+17.7 per cent) and industrial (+17.4 per cent) permits - leapt up.

In y-o-y terms, building permits were up 27.9 per cent in April.

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