Canada August Building Permits Surge 8.8% Defying 2% Forecast

Key Facts

1Canadian building permits rose 8.8% in August to $13.6 billion, significantly beating the expected 2.0% increase.

2Multi-unit residential permits drove the growth with a $1.1 billion increase, while single-family permits remained essentially unchanged.

3July's data was revised upward to show a 15.8% decline instead of the initially reported 17.3% drop.

Canadian building permits rose 8.8% in August to reach $13.6 billion, significantly beating the consensus estimate of a 2.0% increase. According to data reported by investinglive.com, the growth was primarily driven by the multi-unit residential sector which saw a $1.1 billion increase, while permits for single-family homes remained essentially unchanged.

The report included an upward revision for July's data, which now shows a 15.8% decline compared to the initially reported 17.3% drop. The surge in multi-unit permit values was concentrated in Ontario, British Columbia, and Alberta, helping to offset a $380 million decline in commercial permits within the non-residential sector.