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- Canada’s building permits unexpectedly drop in November
Canada’s building permits unexpectedly drop in November
Statistics Canada announced on Thursday that the value of building permits issued by the Canadian municipalities fell 2.4 percent m-o-m in November, following an unrevised 1.5 percent m-o-m drop in October.
Economists had forecast a 1.0 percent gain in November from the previous month.
According to the report, the value of residential permits declined 4.0 percent m-o-m in November, as permits for multi-family dwellings plunged by 11.3 percent m-o-m, while single-family permits rose by 5.6 percent m-o-m.
At the same time, the value of non-residential building permits edged down 0.1 percent m-o-m in November, as a tumble in commercial permits (-13.5 percent m-o-m) offset gains in industrial (+24.5 percent m-o-m) and institutional permits (+24.9 percent m-o-m).
In y-o-y terms, building permits decreased 2.7 percent in November.
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