The value of Canadian building permits issued unexpectedly jumped by 11.8% in July from June to hit a record $9.16 billion, Statistics Canada data indicated on Monday.
Analysts forecast a 10% drop after June's increase, initially reported at 13.5%, then revised to 16.4%. The previous high was the $8.20 billion recorded in June. The figures are seasonally adjusted.
The value of permits for multifamily dwellings soared by 43.4% on the back of higher construction intentions for apartment and condominium projects in the populous provinces of Ontario and British Columbia.
The value of residential buildings grew for the fifth consecutive month while the nonresidential sector advanced for the fourth month in a row. Both hit record highs in July.
