Canadian Permits To Build New Homes Fell Further Into Correction Territory
Posted by Teri-Lynn Jones on
Canada is planning a lot of new construction activity, but it’s not housing they’re looking to build. Statistics Canada (Stat Can) data shows the building permit values soared in October. The increase in permits, a leading indicator of future building activity, was due to non-residential building. Residential building actually weighed down the aggregate, falling further into its correction. A drop in permits for new homes in BC and Ontario is entirely behind the decline.
Canadian Building Permits Surged Higher To $10 Billion
Canadian building permits showed a sharp increase and generally remain elevated. The seasonally adjusted value of permits reached $10.3 billion in October, up 1.3% from the previous month. When adjusted for inflation, growth…
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