Investing.com - The number of new building permits issued in Canada plunged significantly more-than-expected in November, erasing the previous month’s sharp advance, official data showed on Thursday.
In a report, Statistic Canada said the number of new building permits issued plunged by a seasonally adjusted 17.9% in November, compared to expectations for a decline of 8%.
October’s figure was revised to a 15.9% gain from a previously reported increase of 15%.
The total value of building permits fell to CAD6.2 billion in November. The decrease was primarily the result of lower construction intentions in both the non-residential and residential sectors in Ontario.
Following the release of the data, the Canadian dollar trimmed gains against its U.S. counterpart, with USD/CAD dipping 0.11% to trade at 0.9865.
In a report, Statistic Canada said the number of new building permits issued plunged by a seasonally adjusted 17.9% in November, compared to expectations for a decline of 8%.
October’s figure was revised to a 15.9% gain from a previously reported increase of 15%.
The total value of building permits fell to CAD6.2 billion in November. The decrease was primarily the result of lower construction intentions in both the non-residential and residential sectors in Ontario.
Following the release of the data, the Canadian dollar trimmed gains against its U.S. counterpart, with USD/CAD dipping 0.11% to trade at 0.9865.