Canadian Building Permits Rose Less Than Forecast in SeptemberGreg Quinn
Canadian building permits rose less than economists forecast in September as non-residential work declined for the third time in four months.
The value of municipal permits rose 1.7 percent to C$6.54 billion ($6.26 billion), following a revised 20 percent drop in August, Statistics Canada said today in Ottawa. Economists forecast a 6 percent gain according to the median of nine responses to a Bloomberg survey.
Permits for non-residential construction declined 0.8 percent to C$2.48 billion, the report said. Residential permits rose 3.3 percent to C$4.07 billion.
The Bank of Canada cut its economic growth forecast last month and said housing will contribute little to growth as consumers struggle with record debt burdens. Today’s report showed the value of building permits gained 0.2 percent in September from same month a year earlier.
Single-family housing permits rose 3.4 percent to C$2.25 billion in September and multi-unit projects such as apartments and condominiums rose 3.3 percent to C$1.82 billion.
Municipalities approved 17,310 housing units in September, a decline of 1.4 percent on the month and 0.8 percent from a year earlier. The number of units approved for single-family residences rose 5.6 percent and multiple-family project approvals fell 5.1 percent.
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