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12.09.2024

Canada’s building permits increase much more than anticipated in July

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.

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