Canada building permits May 2022
  • Prior was -0.6%
  • Non-residential +7.0% m/m
  • Residential -0.1% m/m
  • Single family +7.0%
  • Multi-family -5.9%

The Canadian housing market is experiencing a harsh correction right now after years as the top performing developed market.The Bank of Canada isn't phased yet but it will eventually weigh on consumer spending and the broader economy. For now, Canada is expected to be the strongest economy in the G7 this year.