Canadian building permits jumped in October
RBC just released that Canadian building permits rose 6.8% in October, a much bigger increase than the consensus forecast for 0.7% rise and even faster than RBC’s estimate of a 3.5% gain. September’s level was revised higher and showed a 1.1% decline rather than the 1.7% dip in the preliminary report. The October increase put the level of permits closer to the record high levels recorded in May and June. Residential permits inched up 0.1% in October with higher permits for multi-units (+21.8%) largely offset by weaker demand for single-unit permits, which fell by 10.6%. Nonresidential permits rallied back, rising 19.3% after falling to a five-month low in September.












