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Canada's Building Permits Rise Much Higher Than Expected in June on Non-Residential Sector Jump

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Canada's building permits rebounded sharply in June, with the total value rising C$2.3 billion, or 18.5% month over month, to $14.9 billion, more than reversing the declines in April and May, according to the country's statistical agency on Wednesday.

June rise was much higher than the 0.8% monthly gain expected in a Bloomberg survey.

The rebound was led by the non-residential sector, with permit values jumping C$1.8 billion to C$6.8 billion, Statistics Canada said.

Institutional projects accounted for most of the increase, largely reflecting higher activity in Ontario and a newly approved medical facility in the Toronto Census Metropolitan Area. Industrial and commercial permits also rose, although by smaller amounts.

Residential construction intentions rose 6.3% monthly to C$8.1 billion, led by multi-unit projects, added StatsCan. Single-family permits also strengthened.

The data refers to the value of permits issued for residential (single-family and multi-family dwellings) and non-residential (industrial, commercial and institutional) construction. It is calculated from a survey of municipalities that issue permits and is seasonally adjusted as the construction industry is sensitive to seasonal changes. It's a leading indicator of Canada's construction industry.

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