By Kim Mackrael
OTTAWA--Canadian building permits issued by municipalities rose in August, driven by the residential sector in Ontario and Quebec, the country's two most populous provinces.
The total value of building permits in August increased 1.7% to a seasonally adjusted 8.07 billion Canadian dollars ($6.03 billion), Statistics Canada said Thursday. Market expectations weren't immediately available.
Meanwhile, July's data were revised to show a 1.6% decline from the previous month.
On a year-over-year basis, the overall value of permits issued fell 11.2%.
Building permits provide an early indication of construction activity in Canada and are based on a survey of 2,400 municipalities, representing 95% of the country's population. The issuance of a permit doesn't guarantee that construction is imminent.
Statistics Canada said the value of residential permits advanced 7.1% in August to C$5.58 billion. Permits for multifamily units like condominiums rose 5%, whereas demand to build single-family homes climbed 9.9%.
Permits associated with nonresidential construction declined 8.6% to C$2.49 billion.
Write to Kim Mackrael at kim.mackrael@wsj.com
(END) Dow Jones Newswires
10-01-20 0914ET
