The total value of building permits in Canada fell 9.0% MoM to $12.0 billion in June, far exceeding market expectations of a 3.4% drop and reversing a revised 12.8% increase in May, marking the deepest decline since June 2024. Ontario’s institutional component led the decline, dropping $1.4 billion after driving growth in May. Residential intentions fell by $318.0 million to $7.1 billion, mainly due to a $486.8 million fall in British Columbia’s multi-family permits, partially offset by a $261.1 million rise in Ontario. The multi-family component nationally fell by $144.5 million, while single-family permits declined $173.5 million, led by Ontario and Alberta. Non-residential permits dropped $863.8 million to $4.9 billion, with commercial permits down $87.4 million, led by declines in Quebec, British Columbia, and Nova Scotia, partially offset by gains in Ontario. The industrial component rose $192.7 million, driven by Quebec and Ontario. Year-over-year, total permits increased 6.9%.