Toronto Drives September Increase in Canada Building PermitsGreg Quinn
Canadian building permits rose in September, led by gains in Toronto and across all types of construction categories, government figures showed.
The value of municipal permits rose 12.7 percent to C$7.5 billion ($6.58 billion), after a 27.3 percent drop in August, Statistics Canada said today in Ottawa. Economists forecast a 5 percent gain, according to the median of 10 responses to a Bloomberg survey.
Residential permits advanced 6.1 percent to C$4.43 billion, while non-residential rose 23.9 percent to C$3.07 billion. Ontario cities led the increases, including 80.2 percent in Toronto, 86.5 percent in Ottawa and 98.6 percent in Kingston. Institutional permits were the biggest contributor to Toronto’s rise, the agency said. Calgary intentions dropped 26.0 percent.
Bank of Canada Governor Stephen Poloz says the economy needs to shift to exports and business investment from debt-fueled consumer spending. The central bank last month kept its key interest rate at 1 percent, extending the longest pause since the 1950s.