Canada August building permits -1.2% vs +0.2% expected

• Prior was -0.1% (revised to -1.1%)
• Permits down 5.9% y/y
• Residential -2.4% m/m

The Canadian construction pipeline is going to slow dramatically in the year ahead as the Toronto condo boom turns into a bust. Prime Minister Mark Carney will release his first budget on November 4 and one of the main aims will be to spur nation-building projects, something the government hopes will counter slowing private sector construction.

This article was written by Adam Button at investinglive.com.