Canada Building Permits Rise 6.8% in November From October

By Kim Mackrael

OTTAWA--Canadian building permits rose in November on stronger building intentions in the residential sector.

The total value of building permits in November climbed 6.8% on a month-over-month basis to a seasonally adjusted 11.19 billion Canadian dollars, or the equivalent of $8.81 billion, Statistics Canada said Wednesday. Market expectations weren't immediately available.

In the previous month, permits issued increased by a revised 2.4%, versus an earlier estimate of a 1.3% rise.

On a year-over-year basis, the overall value of permits issued in November advanced by 15.5%.

Building permits provide an early indication of construction activity in Canada and are based on a survey of 2,400 municipalities, representing 95% of the country's population. The issuance of a permit doesn't guarantee that construction is imminent.

Residential permits rose 12% in November, led by a sharp increase in intentions to build multifamily units like condominiums. Nonresidential permits fell 3.4%.

Write to Kim Mackrael at [e-mail]

(END) Dow Jones Newswires

01-05-22 0900ET