Statistics Canada released housing market data on Wednesday. Building permits in Canada fell 3.7% in August, missing expectations for a 0.8% rise, after a 0.7% gain in July. July's figure was revised up from a 0.6% decrease.

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

Building permits for non-residential construction declined 1.3% in August, while permits in the residential sector slid 5.1%.