FX.co ★ Canada Building Permits Miss Forecasts

Canada’s building permits fell 17.3% month-over-month to C$12.2 billion in July, reversing an 18.5% increase in June and coming in well below expectations for a 6.4% decline. This was the sharpest drop since August 2023.

The value of non-residential building permits decreased by C$1.9 billion to C$5.0 billion. The institutional sector led the pullback, falling C$1.5 billion to C$1.7 billion, followed by the industrial sector, which declined C$443.3 million to C$795.5 million.

Residential construction intentions were also weaker, dropping C$701.2 million to C$7.2 billion. Most of this decline came from the multi-unit segment, which fell C$531.8 million to C$4.7 billion. The single-family segment also eased, down C$169.4 million to C$2.5 billion.