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May Building Permits -13.0% vs -7.5%....>

CANADA DATA
CANADA DATA: May Building Permits -13.0% vs -7.5% expected
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- May permits were C$8.2B (-13% MoM) after April record of C$9.5B
- April MoM revised up to +16% from +14.7%
- April strength was response to scheduled increase in Vancouver 
development fees 
- Total permits excluding British Columbia +3.2% MoM
- Small gains in most provinces insufficient to offset BC decline
- Residential permits -17.2% to C$5B in May vs +26.6% prior
- Non-residential permits -5.7% to C$3.3B in May vs +1.4% prior
- YoY: Total permits -1.9%; Res. -10.2%; Non-res. +14% 

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