Canadian building permits see huge rebound in July

Candian building permits just smashed expectations in July. Rising by 20.7 per cent in a single month, that dwarves estimates of a 1.0 per cent rise.

Of course, this follows a huge drop in June, when permits fell by 10.6 per cent (revised from -10.3 per cent).

The increase in July came mainly from higher construction intentions for commercial buildings in Ontario, Alberta and Quebe.

In the non-residential sector, the total value of building permits rose 45.5% to $3.9 billion in July. Ontario, Quebec and Alberta accounted for most of the increase. Decreases were recorded in four provinces, led by New Brunswick.