Statistics Canada informed on Tuesday that the value of building permits
issued by the Canadian municipalities dropped 1.5 percent m-o-m in June,
following a downwardly revised 1.6 percent m-o-m jump (from +2.3 percent m-o-m)
in May.
Economists had predicted a 1.5 percent rise in June from the previous
month.
According to the report, the value of residential building permits climbed
3.1 percent m-o-m in June, reflecting a 6.5 percent m-o-m surge in permits for
multi-family dwellings that, however, was partially offset a 0.6 percent m-o-m decrease
in single-family permits. Meanwhile, the value of non-residential permits plunged
10.4 percent m-o-m in June, as a 32.2 percent m-o-m tumble in institutional permits and a 2.7 percent m-o-m
decline in commercial permits more than offset a 0.6 percent m-o-m advance in industrial
permits.
In y-o-y terms, building permits soared 13.4 percent in June.
In Q2, the total value of building permits advanced 2.8 percent q-o-q, helped
by gains in both residential and non-residential sectors.