Building permits for June fell to $12B, losing 9% M/M and coming in weaker than analyst expectations for a ~3% decline - mainly driven by institutional activity…

… which returned to normal after a strong May, with a $1.3B decline in Ontario driven by the non-repeat of a hospital project that made for a tough M/M comparison.

Residential permitting activity contributed to a lesser degree, continuing its downward drift through 2025 - with BC multi-unit activity (down $490M) and Ontario single-family activity (down $90M) weighing on results.