Canada May building permits +4.7% vs 0.0% expected

Canadian housing data

• Prior was -4.6% (revised to -4.7%)

• Residential +7.7% vs -4.4% prior

• Value of residential permits hits second-highest ever

• Nonresidential -0.7% vs -5.3% prior

Nice bounce back in building permits. The housing starts numbers released earlier were also upbeat.