Canada building premits rebounds from a -21.0% plunge
- Prior month -21.0% revised from -18.8%
- The total monthly value of building permits in Canada increased by 10.5% to $10.5 billion in May.
- On a constant dollar basis (2012=100), the total value of building permits increased by 10.0% to $6.2 billion.
- Residential permits rose by 8.5% to $6.8 billion in May, with Ontario contributing 45.8% of Canada’s residential permit values.
- Ontario’s residential permits increased by 16.3% month over month to $3.1 billion, led by multi-dwelling permits issued in urban areas.
- Other provinces, including New Brunswick, Quebec, Alberta, and British Columbia, also saw growth in residential permits.
- Permits for 3,800 new residential units were issued for single-family homes in May, compared with permits for 17,700 new dwellings in multi-unit buildings.
- Non-residential permits increased by 14.2% to $3.7 billion in May, primarily driven by commercial projects.
- Commercial permits surged by 45.8% or $703.4 million, offsetting losses in the institutional component.
Despite monthly gains, the value of non-residential construction intentions in May was down 11.2% year over year. The data can be volatile on a month-on-month basis as evident in the chart above.
The USDCAD is marginally higher and trades back above its 100-hour MA at 1.32888. The trading range for the USDCAD is only 32 pips. The average of the last 22 trading days is 72 pips. Looking at the hourly chart below, the price remains above the rising 200-hour moving average at 1.37654. The last time the price traded below its 200-hour moving average was back on July 4.
USDCAD above it’s a 200 hour moving average