May 13, 2024 12:55 GMT
Canada March Building Permits Fall, Q1 Permits Below Average
CANADA DATA
- Building permits -12% to +CAD10.5b MOM after Feb +9.3%.
- All sub-components decreased with the exception of commercial permits, which grew +5.8%.
- March residential building permits -8.3% to +CAD6.5b; -5.8% YOY.
- Non-residential -16.7% MOM to +CAD4b; -27% YOY as major industrial projects were issued the month before.
- Building permits +3.7% QOQ, construction intentions still lower than the average quarterly levels of the past 2Y.
- Federal budget allocated CAD8.5b to housing in an attempt to increase supply.
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