Canada July building permits increase, break two-month slide

Thu Sep 8, 2016 8:46am EDT
 
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OTTAWA (Reuters) - The value of Canadian building permits issued in July rose by 0.8 percent from June, led by authorizations to construct non-residential buildings, Statistics Canada said on Thursday.

The increase was less than the 3.0 percent month-on-month advance predicted by analysts in a Reuters poll. Permits had dropped by 5.3 percent in June and 2.1 percent in May.

The value of permits in the residential sector dropped by 2.0 percent on lower construction intentions in five provinces, with British Columbia, Ontario and Quebec leading the decline.

The data does not assess the effect of a recent decision by Vancouver - the largest city in British Columbia - to introduce a tax on foreign home buyers. Building permits do not provide the nationality of the permit holder.

In the non-residential sector, the value of permits jumped by 5.6 percent on higher construction intentions for medical facilities, transportation facilities, office buildings and retail complexes.

(Reporting by David Ljunggren Editing by W Simon)

 
A condominium building is seen under construction in Toronto, Ontario, Canada on February 19, 2014. REUTERS/Aaron Harris/File Photo