The value of building permits issued in Canada unexpectedly jumped by 8.5 percent in January as construction intentions in the residential sector hit a record high, Statistics Canada data indicated on Thursday. The overall increase was far greater than the 1.0 percent rise predicted by market analysts.
Statscan revised December's drop to 4.8 percent from an initial 4.1 percent fall. Permits for residential dwellings - a figure watched closely amid fears of an overheated real estate market - jumped by 26.3 percent to an all-time high of C$4.60 billion ($4.18 billion). The previous record was the C$4.54 billion seen in May 2013.
Comments
Comments are closed.