Statistics
Canada announced on Tuesday that the value of building permits issued by
Canadian municipalities jumped by 11.5 per cent m-o-m in September, following an
upwardly revised 6.3 per cent m-o-m fall (from -7.0 per cent m-o-m) in August.
Economists had forecast
a 1.7 per cent rebound for September from the previous month.
According to
the report, the value of residential building permits surged 7.5 per cent m-o-m
in September, reflecting an 11.3 per cent m-o-m climb in permits for
multi-family dwellings and a 1.3 per cent m-o-m advance in single-family permits.
Meanwhile, the value of non-residential permits soared 18.0 per cent m-o-m in September,
as an 85.9 per cent m-o-m jump in institutional permits more than offset a 1.3 per cent m-o-m decline in industrial
permits and a 0.5 per cent m-o-m decrease in commercial permits.
In y-o-y terms,
building permits were up 11.7 per cent in September.
In the third quarter, the total value of
building permits rose by 5.6 per cent q-o-q to CAD37.0 billion. This marked the
third consecutive quarterly gain and the highest quarterly value on record.