Residential building permits fall in latest report

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The total value of building permits was $7.5 billion in October, edging up 0.7 per cent from September according to data from StatsCan. However residential permits fell 0.4 per cent to $4.5 billion in October, following a 7.4 per cent increase in September. Residential construction intentions fell in five provinces, with Quebec and Ontario accounting for most of the decline at the national level. Alberta and Nova Scotia posted the largest increases. It was the multi-unit sector that saw the biggest losses; down 0.9 per cent overall from September with decline in six provinces, with Quebec registering the largest decline. Nova Scotia posted the largest gain, followed by Alberta and Saskatchewan. The value of permits for single-family homes was little changed. Gains were posted in six provinces, led by Manitoba, Alberta and British Columbia, while Ontario registered the largest decrease. At the national level, Canadian municipalities approved the construction of 18,354 new dwellings, down 0.6% from the previous month.

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