Canadian building permits plunge 10.3% in June

Investing.com – The number of new building permits issued in Canada plunged significantly more-than-expected in June, declining for the first time in six months, official data showed on Wednesday.

In a report, Statistic Canada said the number of new building permits issued tumbled by a seasonally adjusted 10.3% in June, disappointing expectations for a 3% decline.

May’s figure was revised to a gain of 5.8% from a previously reported increase of 4.5%.

The total value of building permits fell to CAD6.6 billion in June. The decrease in June came mainly from the non-residential sector in Quebec and the residential sector in Ontario.

Following the release of the data, the Canadian dollar was lower against its U.S. counterpart, with USD/CAD adding 0.58% to trade at 1.0436.

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