- Prior was -12.2% (revised to -12.7%)
- Permits at $9.9 billion vs $11.6 billion prior
- residential permits decreased 11.5% to $6.5 billion, led by multi-unit
- single-family homes +4.0% m/m
- non-residential sector permits decreased 18.1% following a 21.3% increase in May
These are back-to-back monthly drops of 12.7% and 13.9% in Canadian building permits. The condo boom is certainly over with Ontario multi-unit residential down 25.7% and British Columbia -31.1% m/m.
Adjusted for inflation, spending is well-below 2019 levels.
This article was written by Adam Button at www.forexlive.com.
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