Canada building permits data:
- Fastest since 2005
- Prior was +2.1% (revised to +2.8%)
- Residential +24.5%
- Non-residential +1.1%
- Residential +15.0% y/y
That's a big month for permits but it's not as great as it appears. The jump came because Vancouver, British Columbia was putting a new fee on construction and builders were seeking to file permits ahead of it. Residential permits in British Columbia rose 138%. Residential permits in Alberta, Ontario and Quebec were all lower.
