• Prior month -4.1% revised to -5.3%
  • Building permits for April -6.6% vs 2.0% estimate.

Much worse than expectations on the month and revision. The USDCAD has moved lower as the market is paying attention to the lower US CPI data initially at least.

A look at the details of the release shows:

  • Total value of Canadian building permits in April: $11.7 billion, down $829.6 million (-6.6%) from March.

  • British Columbia led the decline: -$1.2 billion, partially offset by Ontario: +$299.3 million.

  • On a constant dollar basis (2023=100):

    • Month-over-month: -6.6%

    • Year-over-year: -16.4% (following a strong April 2024)

Residential Construction:

  • Total residential permit value: $7.4 billion, down $967.7 million (-11.6%)

  • Multi-family component: -$882.5 million, largely from British Columbia (-$837.4 million)

    • Vancouver CMA accounted for -$1.0 billion

  • Single-family component: -$85.2 million

    • Largest drop in Alberta (-$37.4 million), partly offset by Quebec (+$26.6 million)

Housing Units Authorized:

  • Multi-family dwellings: 21,400

  • Single-family dwellings: 4,200

  • Total units: 25,600, down 6.5% from March

Source: Forex Live