Buildings permits in Canada drop 6.5% in September 2019

Buildings permits in Canada drop 6.5% in September 2019
11/11/2019 , by , in INTERNATIONAL

The value of Canadian building permits dropped by a larger-than-expected 6.5% in September to C$8.3 billion ($6.3 billion) because of declines in the residential sector, Statistics Canada said on Friday.

Analysts in a Reuters poll had predicted a decline of 2.0%. Statistics Canada revised an initial gain of 6.1% in August down to 5.6%.

Gains were reported in four Canadian provinces, with the largest increase in oil-rich Alberta, jumping 7.2%. The largest decline was in Quebec, which saw building permit values drop by 20.5%, mostly on cheaper permits for multi-family dwellings.

The value of residential permits was down 10.7% to C$5.1 billion, Statistics Canada said, with declines reported in eight of the ten Canadian provinces. Meanwhile, the value of commercial permits rose 6.1%, primarily because of several high-value permits for office buildings in Metro Vancouver.

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