Canada Building Permits Post Biggest Gain in 12 Years

Canadian municipalities issued a record CAD 9.3 billion worth of building permits in April 2019, up 14.7 percent from the previous month while markets had expected a smaller 1.3 percent rise. The CAD 1.2 billion increase in the value of permits was the largest since May 2007, with British Columbia accounting for most of the gain, due to permits being issued ahead of the development cost increase in Metro Vancouver in May, the first change in costs in that region since 1997. Meanwhile, Quebec reported the largest decline, down CAD 147 million from March.