Bloomberg News

Canada May Building Permits Rise 7.4% on Condominium Intentions

July 06, 2012

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 targitis@bloomberg.net.

To contact the editors responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net; David Scanlan at dscanlan@bloomberg.net.


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