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Canadian monthly building permits
increased unexpectedly in April to post the largest gain in six
months as planned construction of multi-family homes such as
condominiums rose at the fastest pace since March
The value of building permits issued by Canadian municipalities rose 10.5% in April, the fourth consecutive gain, to 6.96 billion Canadian dollars ($6.73 billion), Statistics Canada said Wednesday. Plans to build multi-family residence, including scondominiums, apartments and town houses, soared 51.9%, led by gains in Ontario, British Columbia and Quebec.
The consensus call was for a 3% decline in overall permits, according to a report from Royal Bank of Canada. The prior month's increase, originally estimated at 8.6%, was revised down to 6.0%.
On a year-on-year basis, building permits in April rebounded to 5.4% after declining 8.9% in March.
The data, which provide an early indication of building activity, is based on a survey of 2,400 municipalities representing 95% of the country's population.
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