Investing.com - The number of new building permits issued in Canada plunged significantly more-than-expected in August, official data showed on Monday.
In a report, Statistic Canada said the number of new building permits issued tumbled by a seasonally adjusted 21.2% in August, compared to expectations for a 7% decline.
July’s figure was revised up to a gain of 21.4% from a previously reported increase of 20.7%.
The total value of building permits fell to CAD6.3 billion in August. With the exception of British Columbia and Newfoundland and Labrador, every province registered declines in August with Ontario, Alberta and Quebec posting the largest decreases.
Following the release of the data, the Canadian dollar remained lower against its U.S. counterpart, with USD/CAD rising 0.36% to trade at 1.0334.
In a report, Statistic Canada said the number of new building permits issued tumbled by a seasonally adjusted 21.2% in August, compared to expectations for a 7% decline.
July’s figure was revised up to a gain of 21.4% from a previously reported increase of 20.7%.
The total value of building permits fell to CAD6.3 billion in August. With the exception of British Columbia and Newfoundland and Labrador, every province registered declines in August with Ontario, Alberta and Quebec posting the largest decreases.
Following the release of the data, the Canadian dollar remained lower against its U.S. counterpart, with USD/CAD rising 0.36% to trade at 1.0334.