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Canadian Building Permits Turn Negative Again in July
During the lock-downs, the Canadian economy went through a major contraction. But, it started rebounding in late May, which was a month later than in other countries, since the restrictions lasted longer in Canada. We saw some positive figures in May and June, but the July figures are looking mixed to say the best. Building permits fell by 0.3%, which still affect the construction sector in the coming months.
Canadian July 2020 building permits data
- July building permits -3.0% vs +5.5% expected
- June building permits was +6.2%
- Value of permits at $7.8B
A sharp drop in BC multifamily permits was behind the drecline in bulding permits, with Quebec multifamily also quite low. Meanwhile, single-family home permits were up 3.9% and non-residential was up 3.3%.
Canada July producer price index data
- July industrial product price +0.7% vs +0.8% expected
- June industrial product price was +0.4% (revised to 0.2%)
- Raw materials price index +3.0%
This is rarely a market mover and that’s the case today as USD/CAD remains at 1.3065.
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