The value of Canadian building permits unexpectedly surged 6.1 percent in October from September, reaching their second highest level on record, as builders planned more multifamily houses and commercial units, Statistics Canada said on Wednesday.
Analysts had expected activity in the construction sector to slow heading into winter, and on average they had forecast a 1.5 percent decline in the month. Instead, permits climbed to C$6.03 billion ($5.29 billion), surpassing the C$6-billion mark for the first time since December 2005.