Canada building permits for April -6.6% vs 2.0% estimate

• Prior month -4.1% revised to -5.3%
• Building permits for April -6.6% vs 2.0% estimate.

Much worse than expectations on the month and revision. The USDCAD has moved lower as the market is paying attention to the lower US CPI data initially at least. That is driving the USD against ALL the major currencies.

A look at the details of the release shows:

• Total value of Canadian building permits in April: $11.7 billion, down $829.6 million (-6.6%) from March.

• British Columbia led the decline: -$1.2 billion, partially offset by Ontario: +$299.3 million.

• On a constant dollar basis (2023=100):

  • Month-over-month: -6.6%

  • Year-over-year: -16.4% (following a strong April 2024)

Residential Construction:

• Total residential permit value: $7.4 billion, down $967.7 million (-11.6%)

• Multi-family component: -$882.5 million, largely from British Columbia (-$837.4 million)

  • Vancouver CMA accounted for -$1.0 billion

• Single-family component: -$85.2 million

  • Largest drop in Alberta (-$37.4 million), partly offset by Quebec (+$26.6 million)

Housing Units Authorized:

• Multi-family dwellings: 21,400

• Single-family dwellings: 4,200

• Total units: 25,600, down 6.5% from March

This article was written by Greg Michalowski at www.forexlive.com.