Statistics
Canada announced on Tuesday that the value of building permits issued by the
Canadian municipalities declined by 3.9 per cent m-o-m in November, following an
upwardly revised 3.0 per cent m-o-m jump (from +2.3 per cent m-o-m) in October.
Economists had forecast
a 1.7 per cent fall in November from the previous month.
According to
the report, the value of residential building permits decreased 2.8 per cent
m-o-m in November, reflecting a 4.7 per cent m-o-m plunge in permits for
multi-family dwellings that was partially offset by a 0.3 per cent m-o-m increase
in single-family permits. Meanwhile, the value of non-residential permits tumbled 5.8 per cent m-o-m in November,
as all three components - institutional (-7.9 per cent), industrial
(-7.2 per cent) and commercial (-3.5 per cent) permits - dropped.
In y-o-y terms,
building permits decreased 4.2 per cent in November.