Canada Building Permits Fall the Most in 4 Months

The value of building permits in Canada declined 6.5 percent from a year earlier to CAD 8.3 billion in September 2019, following a downwardly revised 5.6 percent rise in the previous month and more than an expected 2 percent fall. This is the largest decline in the value of building permits since May, led by the residential sector (-10.7 percent to CAD 5.1 billion). The value of permits for multi-family dwellings fell 12.1 percent to CAD 2.9 billion, with declines in eight provinces, except Nova Scotia and Alberta. Also, the value of permits for single-family dwellings fell 8.7 percent to CAD 2.2 billion, largely due to a decrease in Ontario (-CAD 196 million). In contrast, the value of non-residential permits rose 0.9 percent to CAD 3.2 billion, boosted by a 6.1 percent gain in the commercial segment, mainly attributable to several high-value permits for office buildings in the census metropolitan area (CMA) of Vancouver.