Change in provincial regulations likely skewed the data
The province of Alberta changed its building code effective in October and that led to a 9.9% gain the month as contractors rushed to get projects approved. In that province in November, permits were down 56% in November.
Still, there is reason to be worried here for the broader nation. Virtually every province saw a decline in residential permits in the month including Ontario (-3.2%) and Quebec (-11.5%). The were also down compared to last November.
One of the toughest trades in the world must be trading USD/CAD when the jobs reports are simultaneously released. The pair is about unchanged at 1.4090 after chopping back and forth in the 1.4060 to 1.4110 range.
