Canada’s building permits surged by 8.5% in the latest report, a significant rebound from the previous month’s 4% decline. This marks a notable turnaround in construction activity, reflecting an absolute increase of 8.5 percentage points.
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The actual building permits figure of 4.5% far exceeded the analyst estimate of 1%, suggesting stronger-than-expected construction momentum. This positive surprise is likely to boost sentiment in the construction and real estate sectors, potentially leading to short-term gains in related stocks. The substantial deviation from expectations may also influence longer-term policy discussions regarding housing and infrastructure development.