June 4, 2010
Everyone’s so down on the real estate market these days. But it seems that people underestimated developers, especially in the non-residential sector.
The value of Canadian building permits posted an unexpected 5.4 percent gain in April from March on strength in the nonresidential sectors, Statistics Canada data indicated on Friday. Financial Post
With expectation of a 2 percent decrease, those are quite surprising factors. True, residential intentions did fall 8 percent, but nonresidential intentions posted a 32.2 percent gain in April. WOW!
Compared with last April 2009, though the comparison is hardly useful because of the vastly different economic situations, permit values were up 48.2 percent.