December 6, 2022

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Canada June building permits +6.9% versus +5.5% estimate

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Canadian June building permit data

Canada building permits
  • Prior was -14.8% revised to -12.9%
  • Building permits rose 6.9% to $10.3 billion in June. Seven promises contribute to the gain led by Ontario which jumped 22.7%
  • Single family dwelling permits rose 9.1%. The gain follows two months of a lower construction intentions
  • Non-residential rose 2.2%. Gains were reported in a provinces led by Alberta at +32.7%. Industrial permits increase 2.3%. The institutional component was down by -6.7%
  • multifamily permits rose 13.5% to $3.7 billion, led by Ontario which increased 67.8%. Québec fell -29.9% in the volatile sector
  • For the second quarter total permits fell -1.7% to $31 billion versus the first quarter. Although lower the value of permits is the second highest on record. Residential sector felt -4.2% in the second quarter while nonresidential permits rose 4.5% to $9.6 billion

Better than expected report. However, permits can be quite volatile. The USDCAD is little changed at 1.25428

CLICK HERE for the full report from Statcan
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