Canada October building permits -3.1% vs -5.0% expected

• Prior was +11.5%

Non-residential permits -11.0% to C$4.7B
• Residential permits +2.3% to C$7.9B

Details:

Ontario saw significant declines (-$696.4M), particularly in non-residential sector
• Institutional component declining: -20.2% m/m (-$368.2M)
• Commercial (-$127.5M, -5.9%) and industrial (-$80.6M, -6.4%) also declined
• British Columbia (+$275.6M) and Alberta (+$158.9M) led residential growth
• Multi-family permits edged up slightly (+$37.6M), while single-family rose more substantially (+$139.6M)
• Total building permits decreased by $399.1M (-3.1%) to $12.6B in October

This is a lumpy series but it’s holding up better than expected. This was still the fourth-highest level in the series.

This article was written by Adam Button at www.forexlive.com.