Investing.com - The number of new building permits issued in Canada rose significantly more than expected in May, easing concerns over the health of the country’s real estate sector, official data showed on Monday.
In a report, Statistic Canada said the number of new building permits issued increased by a seasonally adjusted 13.8% in May, easily surpassing expectations for a gain of 3.1%. April’s figure was revised to a gain of 2.2% from a previously reported increase of 1.1%.
The total value of permits has been on a slight upward trend since the beginning of 2014.
The increase in May resulted primarily from higher construction intentions for commercial buildings in Ontario and Manitoba, as well as multi-family dwellings in British Columbia.
Following the release of the data, the Canadian dollar added to gains against its U.S. counterpart, with USD/CAD shedding 0.16% to trade at 1.0635, compared to 1.0643 ahead of the report.