Wednesday’s building permit data disappointed, falling 6.6% M/M versus expectations for a 2.2% increase. The Y/Y figure is uglier - down 16% - though I’d note last April was a pretty tough comp.

The second sequential drop was largely driven by multi-unit activity, which fell more than 15% due to weakness in Vancouver and dragged total residential permitting down nearly 12%.

Non-residential activity showed resilience, gaining 3% on strong commercial and industrial activity in Ontario (up ~21%), partly offset by weakness in BC.