Building permits for July inched down to $11.9B, losing 0.1% M/M and coming in well short of expectations for a 4% gain…

… on the back of weakness in non-residential activity - with industrial permitting falling $250M and institutional permitting losing $200M due to the non-repeat of a hospital project in Alberta last month.

Residential activity was a bright spot in the print, gaining $270M led by both single and multi-unit construction intentions in Ontario - the first positive M/M reading this year.