Canada March building permits +5.7% vs +1.5% expected

Canadian March 2021 building permits:

Canada March building permits
  • Third consecutive monthly record
  • Prior was +2.1%
  • Residential +15.9%
  • Multi-family +24.5%
  • Single family +7.6%
  • Non-residential -15.6%
  • Q1 +12.7%

The drop in non-residential permits comes after a big bump in February that was related to new care facility permits. Commercial permits are a bit worrisome though, down about 25% from 2019 and 4.0% compared to last March. That could reflect worry about the economy or e-commerce.

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