Canada March building permits -4.1% vs -0.5% expected

• Prior was +2.9% (revised to +4.9%)
• Non-residential -14.5% m/m
• Residential +2.0% m/m
• Q1 permits +2.9%

The revision to the February number takes some of the sting out of this miss but it’s now abundantly clear that much of the housing market is Canada is entering a period of stagnation (at best) with the condo-building industry now at a standstill. That said, the overall construction industry appears to be holding up fine.

This article was written by Adam Button at www.forexlive.com.