Canada’s building permits declined 17.3% month-over-month to C$12.2 billion in July, following an 18.5% gain in June and missing forecasts for a 6.4% drop. This marked the steepest decline since August 2023. The value of non-residential building permits fell C$1.9 billion to C$5.0 billion, led by the institutional component, which declined C$1.5 billion to C$1.7 billion, followed by the industrial component, down C$443.3 million to C$795.5 million. Residential construction intentions fell C$701.2 million to C$7.2 billion, with the multi-unit component accounting for most of the decline, falling C$531.8 million to C$4.7 billion. The single-family component declined C$169.4 million to C$2.5 billion.