Canada building permits
- Prior was +10.5%
- Permits at $11.6 billion
- 67.2% monthly increase in the institutional component largely due to two hospital permits
- Non-residential permits increased 20.4%
- Residential permits declined 1.8% to $6.9 billion in June
- The total value of building permits in the second quarter declined 1.0% from the first quarter but residential up 4.9%
Declines in the commercial construction intentions (-7.7% or -$176.0 million) were more than offset by gains in the industrial (+51.0% or +$349.9 million) and institutional (+67.2% or +$619.3 million) components.
This is a one-off increase and not a reason to buy CAD.
Canada needs a major effort to speed up home construction approvals but there's nothing on the horizon to make that happen. There is a major public shift underway to build more housing and limit immigration.
