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Canadian building permits bounce back in December 2017

Canadian building permits rebounded in December 2017 following a decline a month earlier, driven by the residential sector.

The value of building permits in Canada increased 4.8% to C$8.1 billion for the month, compared to November 2017's 7.3% decline, which had been the first retreat in three months.

Construction intentions for single-family homes climbed 8.9% to C$2.8 billion, the largest month-over-month increase in 2017.

Building permits for multifamily dwellings also jumped 7.0% to C$2.4 billion, led by higher construction intentions in British Columbia.

In full-year unadjusted terms, all components rose 10.4% in 2017, as the value of permits in the residential sector and non-residential sector increased 7.8% and 15.1%, respectively.