Statistics
Canada announced on Friday that the value of building permits issued by
Canadian municipalities surged by 12.0 per cent m-o-m in May, following a downwardly
revised 6.8 per cent m-o-m tumble (from -6.6 per cent m-o-m) in April. This was
the first increase in three months and the strongest since July 2024 (+20.8 per cent m-o-m).
Economists had forecast
a 0.8 per cent m-o-m drop in May from the previous month.
According to
the report, the value of residential building permits jumped by 2.3 per cent
m-o-m in May, reflecting a 4.1 per cent m-o-m climb in permits for multi-family
dwellings that was partially offset by a 0.9
per cent m-o-m decline in single-family permits.
Meanwhile, the
value of non-residential permits soared by 28.4 per cent m-o-m in April, as a 102.0 per
cent m-o-m surge in institutional permits combined with a 4.1 per cent m-o-m rise
in commercial permits more than offset a 12.5 per cent m-o-m plunge in industrial
permits.
In y-o-y terms,
building permits went up 8.1 per cent in May.