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- Canada building permits up unexpectedly in April
Canada building permits up unexpectedly in April
Canadian monthly building permits
increased unexpectedly in April to post the largest gain in six
months as planned construction of multi-family homes such as
condominiums rose at the fastest pace since March
2011.
The value of building permits issued by Canadian municipalities rose 10.5% in April, the fourth consecutive gain, to 6.96 billion Canadian dollars ($6.73 billion), Statistics Canada said Wednesday. Plans to build multi-family residence, including scondominiums, apartments and town houses, soared 51.9%, led by gains in Ontario, British Columbia and Quebec.
The consensus call was for a 3% decline in overall permits, according to a report from Royal Bank of Canada. The prior month's increase, originally estimated at 8.6%, was revised down to 6.0%.
On a year-on-year basis, building permits in April rebounded to 5.4% after declining 8.9% in March.
The data, which provide an early indication of building activity, is based on a survey of 2,400 municipalities representing 95% of the country's population.
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