Statistics
Canada reported on Thursday that the value of building permits issued by
Canadian municipalities surged by 22.1 per cent m-o-m in July, following an upwardly
revised 13.0 per cent m-o-m plunge (from -13.9 per cent m-o-m) in June. This
marked the strongest rise since April (+23.4 per cent m-o-m).
Economists had predicted
a 2.5 per cent increase for July from the previous month.
According to
the report, the value of residential building permits jumped 16.7 per cent
m-o-m in July, reflecting a 29.3 per cent m-o-m surge in permits for
multi-family dwellings that
was partially offset by a 1.9 per cent m-o-m drop in single-family permits.
Meanwhile,
the value of non-residential permits climbed 29.3 per cent m-o-m in July, as
all three non-residential components - industrial (+98.6 per cent), commercial
(+18.4 per cent) and institutional (+14.8 per cent) permits - leapt up.
In y-o-y terms,
building permits were up 6.6 per cent in July.