Building permits defy expectations

The value of Canadian building permits in March increased by a better-than-expected 4.7 percent to $6.8 billion, Statistics Canada said on Monday. Economists were calling for the value of permits to decline by 1.5 percent.

Building permits climbed by 7.6 percent in February.

The gain was largely attributed to commercial and non-residential construction in Ontario, Stats Canada said.

The value of permits in the non-residential sector rose 13.9 percent to $2.9 billion, marking its highest level since June 2010 and follows a 37-percent increase in February.

Meanwhile, the value of residential permits fell 1.3 percent in March to $3.9 billion -- marking the third consecutive month of declines and led by Ontario.