November 6, 2013 / 1:47 PM / 5 years ago

Canada building permits up 1.7 percent in Sept, after jerky summer

Constructions cranes are seen that are being used to build condominium buildings in Toronto, December 6, 2012. REUTERS/Mark Blinch

OTTAWA (Reuters) - Increased plans for housing construction helped edge the value of Canadian building permits up by 1.7 percent in September after permits were whipsawed by a gain and loss of more than 20 percent in July and August.

Statistics Canada reported on Wednesday that it was the seventh monthly advance for building permits since the start of 2013, yet the total value in September was only 0.2 percent higher than in September 2012.

The median forecast in a Reuters survey of analysts was for a 6.0 percent increase in the month. Permits in July had risen by 21.4 percent, with August then falling by 20.0 percent, which was revised from 21.2 percent. The figures are seasonally adjusted.

Canada’s financial authorities and financial markets have been watching to see whether the housing sector was having a soft landing or if it was in fact heating up again.

The value of building permits for housing rose by 3.3 percent in September. This followed a rise of 4.2 percent in July and a fall of 4.8 percent in August. Year on year, September housing building permits were down 2.9 percent.

The nonresidential sector fell by 0.8 percent.

Reporting by Randall Palmer

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