UPDATE 1-Canada March building permits jump markedly

* Both residential, nonresidential sectors strong

* Markets had expected a 0.9 percent increase
(Adds details)

OTTAWA, May 6 (BestGrowthStock) – The value of Canadian building
permits leaped a much greater-than-expected 12.2 percent in
March from February as both residential and nonresidential
sectors strengthened, Statistics Canada data indicated on
Thursday.

The gain — far higher than the 0.9 percent increase
predicted by market traders — ended four months of declines
and reflects Canada’s current housing boom. The government says
it is not worried about a bubble developing.

Residential intentions jumped 13.9 percent on a substantial
gain in permits for multifamily dwellings, particularly in the
powerful provinces of Ontario and British Columbia.

Nonresidential permits were up 9.1 percent from February on
higher construction intentions in the industrial and
institutional sectors.

Permits were up 38.9 percent from a year earlier when their
values were near record lows.
Stock Market Basics

(Reporting by David Ljunggren; Editing by Padraic Cassidy)

UPDATE 1-Canada March building permits jump markedly