OTTAWA Oct 6 The value of Canadian building
permits issued in August surged far more than expected on higher
construction intentions for condominiums and commercial
buildings, data from Statistics Canada showed on Thursday.
The 10.4 percent increase well exceeded economists'
expectations for a 3.0 percent gain. July was revised up to a
rise of 3.4 percent from the previously reported 0.8 percent.
Permits for residential buildings increased 9.6 percent,
driven by a 14.7 percent jump in multi-family dwellings, which
include condominiums, apartments and townhouses. It was the
third month out of four that the segment has increased.
Plans to build single-family homes rose 6.0 percent, with
higher construction intentions seen in Ontario and Alberta,
which is still recovering from prolonged weakness in oil prices.
Non-residential permits rose 11.6 percent on higher
intentions to build retail complexes and recreational buildings.
Industrial permits also rose on plans to build utilities
A 15 percent tax on foreign homebuyers in Vancouver came
into effect in early August but it did not appear to have an
impact on building plans in British Columbia. The value of
residential permits was up 26.6 percent.
(Reporting by Leah Schnurr; Editing by Bernadette Baum)