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- Canada’s building permits unexpectedly drop in February
Canada’s building permits unexpectedly drop in February
Statistics Canada reported that the value of building permits issued by the Canadian municipalities fell 5.7 percent m-o-m in February, following a revised 6.0 percent m-o-m drop in January (originally a 5.5 percent m-o-m decrease).
Economists had forecast a 1.3 percent advance in February from the previous month.
According to the report, the value of residential permits plunged by 8.5 percent m-o-m as permits multi-family dwellings tumbled by 16.4 percent m-o-m, while single-family permits rose by 4.0 percent m-o-m.
Meanwhile, non-residential building permits fell by 0.5 percent m-o-m in February, hurt by lower values of commercial permits (-6.4 percent m-o-m). Meanwhile, increases were reported for both the industrial (+5.2 percent m-o-m) and institutional (+11.6 percent m-o-m) components.
In y-o-y terms, building permits declined 6.8 percent in February.
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