Canada's construction permits contracted sharply in November, dropping 13.1% month-over-month—well below the anticipated 5.5% decline and a stark reversal from October's robust 14.9% increase (revised up to 15.7%). This unexpected weakness in building activity signals cooling demand in the real estate sector, which could influence broader economic sentiment and central bank policy direction. Investors monitoring macro indicators should keep an eye on such construction data, as it often presages shifts in economic growth trajectories that ripple through asset markets.