Last month 5.8% vs 5.4% previously reported.
The Canada Building permits for February came in weaker than expectations at -2.5% vs +1.3% estimate. The prior month was revised to +5.8% vs +5.4%, so it takes some of the sting away from the miss this month.
Canadian municipalities issued $7.5 billion worth of building permits in February, down 2.5% from January. Ontario and Alberta led the five provinces that reported declines in February. The national decrease was mainly the result of lower construction intentions for single-family dwellings and institutional structures.
- The value of residential building permits issued by Canadian municipalities fell 1.5% from January to $5.0 billion in February, but remained just above the $5.0 billion mark for a second consecutive month. The decline in single-family construction intentions was moderated by an increase in the multi-family component.
- Construction intentions for single-family dwellings declined 5.4%
- Multi-family construction intentions increased 3.0% in February, a second consecutive monthly gain.
- Building permits for non-residential structures in February was down 4.5% from January to 2.4B.
The USDCAD moved up by about 8 pips on the news to test the 100 and 200 bar MAs on the intraday 5-minute chart. The price is back down to where it started.
