Canada building permits for August 6.1% vs 1.0% estimate
Canada building permits for the month of August 2019A bigger than expected rise in the Canadian building permits the month of August.
- Month-to-month increase of 6.1% versus 1.0% estimate
- The prior month was revised higher to 3.2% from 3.0% previously reported
- the increases were largely because of multifamily and industrial permits
- gains reported and 7 provinces with over one third of the national increase in Québec
- multifamily dwellings ex Nova Scotia increased 18.8%, with over half of the gains in British Columbia largely because of a high value permit in Vancouver
- single-family dwellings rose 3.2% led by Ontario
- industrial permits with the only component in the nonresidential sector to increase in value, rising by 18.9%. The increase is largely due to a high value permit for a biopharmaceutical company in Toronto.
- Commercial permits declined -5.9%
- 5 provinces reported declines in the value of institutional permits, -10.7%
although much better-than-expected, it does seem that there are a number of 1 offs that may not be sustainable going forward.