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Canadian building permits jump 11.8% in July

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Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - The number of new building permits issued in Canada rose significantly in July, fuelling optimism over the health of the country's real estate sector, official data showed on Monday.

In a report, Statistic Canada said the number of new building permits issued increased by a seasonally adjusted 11.8% in July, compared to expectations for a decline of 4.2%.

June's figure was revised to a gain of 16.4% from a previously reported increase of 13.5%.

The increase in July was mainly attributable to higher construction intentions for multi-family dwellings in Ontario and British Columbia as well as institutional buildings in Manitoba.

The Canadian dollar trimmed losses against its U.S. counterpart following the release of the data, with USD/CAD trading at 1.0905 from around 1.0913.

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