Canadian building permits unexpectedly rose in May, led by condominium developers, a government report showed.
The value of permits issued by municipalities rose 7.4 percent to C$7.03 billion ($6.92 billion), Statistics Canada said today in Ottawa. Economists surveyed by Bloomberg News forecast a drop of 1 percent, according to the median of nine estimates.
Residential permits advanced 8.5 percent to C$4.14 billion on an 18 percent gain in multiple-unit construction. Non- residential construction permits increased 6 percent to C$2.89 billion, Statistics Canada said.
To contact the reporter on this story: Theophilos Argitis in Ottawa at email@example.com.
To contact the editors responsible for this story: Christopher Wellisz at firstname.lastname@example.org; David Scanlan at email@example.com.