Canada June building permits +6.1% vs -3.5% expected

<ul><li>Prior was +10.5%</li><li>Permits at $11.6 billion</li><li>67.2% monthly increase in the institutional component largely due to two hospital permits</li><li>Non-residential permits increased 20.4%</li><li>Residential permits declined 1.8% to $6.9 billion in June</li><li>The total value of building permits in the second quarter declined 1.0% from the first quarter but residential up 4.9%</li></ul><p>Declines in the commercial construction intentions (-7.7%
or -$176.0 million) were more than offset by gains in the industrial
(+51.0% or +$349.9 million) and institutional (+67.2% or
+$619.3 million) components.</p><p>This is a one-off increase and not a reason to buy CAD.</p><p>Canada needs a major effort to speed up home construction approvals but there's nothing on the horizon to make that happen. There is a major public shift underway to build more housing and limit immigration.</p>

This article was written by Adam Button at www.forexlive.com.