UPDATE 1-Canada building permits soar on single-family units

* Permits jump 15.3 pct vs estimates of 2.5 pct increase

* Single family permits recover to 9.5 pct increase

* Nonresidential sector permits up 26.7 pct

(Adds details)

OTTAWA, Oct 7 (BestGrowthStock) – The value of Canadian building
permits issued in September soared 15.3 percent from August,
well above market expectations, on both residential and
nonresidential building intentions, Statistics Canada data
showed on Friday.

Market traders had predicted a 2.5 percent increase.
Statscan revised July’s month-on-month plunge to 9.5 percent
from an initially reported drop of 9.2 percent. Permits rose
to C$6.6 billion ($6.6 billion) in September, just below the
April 2010 peak of C$6.7 billion.

In the residential sector, the value of permits increased
8.3 percent to C$3.9 billion as single family home construction
plans jumped 9.5 percent following five months of declines.
Multiple-family dwellings also posted a healthy 6.7 percent
increase on the heels of a similar hike in the previous month.

The volatile nonresidential sector, which dragged permits
down in August increased 26.7 percent in September led by plans
for office buildings in Ontario, Quebec and British Columbia.

The overall value of permits now stands 23.9 percent higher
in September from a year earlier.
($1=$1.01 Canadian)
(Reporting by Howaida Sorour and Louise Egan; Editing by
Theodore d’Afflisio)

UPDATE 1-Canada building permits soar on single-family units