Canada Building Permits Rise 11.6% in March

Canada Building Permits Rise 11.6% in March

Canada Building Permits Rise 11.6% in March

The FINANCIAL -- Canadian building permits surged in March, marking the first increase in three months and the biggest advance since September, partly on demand to build more condominium units in Toronto and Vancouver, British Columbia, according to Nasdaq.

Intentions to construct schools, nursing homes, retail space and factories also climbed.

The total value of building permits issued by Canadian municipalities in March increased 11.6% to 6.87 billion Canadian dollars ($5.71 billion), Statistics Canada said on May 7. The gain was well ahead of market expectations for a 2% advance, according to economists at Royal Bank of Canada.