The value of Canadian building permits unexpectedly soared in December, jumping to the highest level in nearly four years.
Building permits worth C$6.8 billion were issued in December.
The 11.1 percent monthly increase was powered by plans for new condos and apartments in Ontario and commercial buildings in Alberta, according to figures released by Statistics Canada on Tuesday.
Economists expected a drop of 1 percent from the previous month.
In the residential sector, the value of permits rose 16.1 percent to C$4.5 billion, led by Ontario.
Non-residential permits rose 2.8 percent to C$2.4 billion, with construction of office buildings and warehouses in Alberta helping to trim a big decline reported in November.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.