Forexpros – The number of new building permits issued in Canada jumped significantly more-than-expected in October, rebounding from three consecutive months of declines, official data showed on Tuesday.
In a report, Statistic Canada said the number of new building permits issued surged by a seasonally adjusted 11.9% in October, blowing past expectations for a gain of 1.9%.
September’s figure was revised to a drop of 4.1% from a previously reported decline of 4.9%.
Year-on-year, Canadian building permits issued in October rose at an annualized rate of 2.2%, after tumbling 12.1% in September.
After three consecutive monthly decreases, the value of building permits issued by Canadian municipalities rose 11.9% to CAD6.3 billion in October. The increase came from the non-residential sector, particularly in Ontario.
The value of non-residential permits rose 32.8% to CAD2.7 billion in October, following three consecutive monthly declines.
In the residential sector, the value of permits edged down 0.1% to CAD3.6 billion in October. This was the component’s third straight monthly decline.
Following the release of the data, the Canadian dollar remained lower against its U.S. counterpart, with USD/CAD gaining 0.33% to trade at 1.0197.