Canada's building permits jump 22% in July

By Ovunc Kutlu

ISTANBUL (AA) - Building permits in Canada jumped 22.1% in July to reach $12.4 billion, strongly rebounding from two consecutive monthly declines, the country's statistical authority said Thursday.

The market expectation for the figure was to show a 6.5% increase.

The figure for June was revised to a decline of 13% from a decrease of 13.9%.

"Both the residential and non-residential sectors expanded in July," Statistics Canada said in a statement.

The total monthly value of residential permits increased 16.7% to $7.6 billion in July. The province of British Columbia led the increase with a massive gain of 152.1% to $766.8 million.

Meanwhile, the total value of non-residential sector permits rose 31.8% to $4.8 billion in July. The province of Ontario led the gain, which grew 23.8% to $2.2 billion in July.