Statistics Canada released housing market data on Wednesday. Building permits in Canada fell 0.6% in July, beating expectations for a 5.0% drop, after a 15.5% rise in June. June's figure was revised up from a 14.8% increase.

The decline was driven by lower construction intentions in the non-residential sector.

Building permits for non-residential construction dropped 13.9% in July, while permits in the residential sector climbed 8.7%.