Investing.com - The number of new building permits issued in Canada fell unexpectedly in December, official data showed on Wednesday.
In a report, Statistic Canada said the number of new building permits issued tumbled by a seasonally adjusted 4.1% in December, confounding expectations for a gain of 2%. November’s figure was revised to a drop of 6.6% from a previously reported decline of 6.7%.
Lower construction intentions for commercial buildings and multi-family dwellings in Ontario and British Columbia were responsible for much of the decrease at the national level in December.
Following the release of the data, the Canadian dollar trimmed gains against its U.S. counterpart, with USD/CAD shedding 0.07% to hit 1.1069, compared to 1.1059 ahead of the data.