Canada building permits for October -3.1% vs -5.0% estimate

• Prior month +11.5
• Building permits -3.1% vs -5.0% est

Further details

• Total value of building permits in Canada decreased by $399.1 million (-3.1%) to $12.6 billion in October.
• Despite the decline, the October’s total value was the fourth-highest level in the series.
• September saw a $1.3 billion rise in construction intentions, the second-highest level in the series.
• Ontario’s construction intentions fell by $696.4 million, driving the national non-residential decline.
• Residential growth in October was tempered by Ontario’s drop after strong contributions in September.
• On a constant dollar basis (2017=100), October permits fell 3.6% month-over-month but rose 8.1% year-over-year.

The building permits can be volatile from a month over month basis but the trend is near the highs

This article was written by Greg Michalowski at www.forexlive.com.