OTTAWA (Reuters) - The value of building permits issued in June beat expectations and wiped out a decline from the month before, jumping 14.8 percent, mainly because of apartment and condo construction projects, according to Statistics Canada data on Friday.
Analysts had forecast an increase of only 5.0 percent. May’s decline was revised to 13.9 percent from 14.5 percent.
The residential and nonresidential segments rose by similar percentages, but within residential the big distinction was seen in multi-family dwellings, where the value of permits soared by 36.9 percent from May.
It is particularly the hot condo market that has had policy makers most concerned.
Reporting by Randall Palmer; Editing by Bernadette Baum