Investing.com - The number of new building permits issued in Canada fell significantly more-than-expected in April, erasing the previous month’s strong gain, official data showed on Tuesday.
In a report, Statistic Canada said the number of new building permits issued dropped by a seasonally adjusted 5.2% in April, more than doubling expectations for a 2.0% decline.
March’s figure was revised to a 4.9% gain from a previously reported increase of 4.7%.
The total value of building permits fell 5.2% to CAD6.5 billion in April, following two consecutive monthly increases. The decline was largely the result of lower construction intentions for institutional buildings and multi-family dwellings in Ontario.
Following the release of the data, the Canadian dollar held on to modest losses against its U.S. counterpart, with USD/CAD gaining 0.12% to trade at 1.0406.
In a report, Statistic Canada said the number of new building permits issued dropped by a seasonally adjusted 5.2% in April, more than doubling expectations for a 2.0% decline.
March’s figure was revised to a 4.9% gain from a previously reported increase of 4.7%.
The total value of building permits fell 5.2% to CAD6.5 billion in April, following two consecutive monthly increases. The decline was largely the result of lower construction intentions for institutional buildings and multi-family dwellings in Ontario.
Following the release of the data, the Canadian dollar held on to modest losses against its U.S. counterpart, with USD/CAD gaining 0.12% to trade at 1.0406.