Building permits rose 4.5% to $11.7B in September, ahead of expectations for a 1% increase…

… driven by residential construction intentions, which jumped nearly 5% M/M on strength in both single and multi-family activity. At the provincial level, Alberta, Quebec, and Ontario drove the gain while BC tempered it, tracking to recent housing starts.

Non-residential permitting was strong too, up 4% on higher commercial and industrial activity in Alberta and Quebec, respectively. Should a recovery here be sustained…

… Altus Group’s underperforming appraisals unit could stabilize... let’s see.