New home construction Ontario.Moe Doiron/The Globe and Mail
The value of Canadian building permits jumped by 6.3 per cent to $7-billion in July, matching a record set in May, 2007, Statistics Canada said Thursday.
Market analysts forecast a 1.0-per-cent drop in July from June.
Residential permits rose by 14.6 per cent to $4.3-billion, the third consecutive monthly gain, on an increase in multiple-family dwellings. Much of the strength was accounted for by Ontario.
Non-residential permits slipped by 4.5 per cent to $2.7-billion on a 40.1-per-cent drop in the value of the industrial component. The overall value of all permits was 11.6 per cent higher than in July, 2010.