Investing.com - The number of new building permits issued in Canada plunged significantly in August, fuelling concerns over the health of the country’s real estate sector, official data showed on Tuesday.
In a report, Statistic Canada said the number of new building permits issued plummeted by a seasonally adjusted 27.3% in August, much worse than expectations for a decline of 6.5%.
July’s figure was revised to a gain of 11.6% from a previously reported increase of 11.8%.
The August decline was mainly the result of lower construction intentions for non-residential buildings in Quebec and residential buildings in Ontario.
USD/CAD was trading at 1.1164 from around 1.1147 ahead of the release of the data.