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- Canada’s building permits plunge 13.2 percent in March
Canada’s building permits plunge 13.2 percent in March
Statistics Canada announced on Friday that the value of building permits issued by the Canadian municipalities tumbled 13.2 percent m-o-m in March, following a revised 8.4 percent m-o-m decline in February (originally a drop of 7.3 percent m-o-m). The March decrease was the largest since August 2014.
Economists had forecast a 20.0 percent decrease in March from the previous month.
According to the report, the value of residential permits plummeted 13.1 percent m-o-m in March, as single-family permits fell by 15.3 percent m-o-m, while permits for multi-family dwellings declined by 11.1 percent m-o-m.
At the same time, the value of non-residential building permits dropped 13.3 percent m-o-m in March, as declines in commercial (-19.7 percent m-o-m) and institutional (-15.7 percent m-o-m) permits more than offset a gain in industrial permits (+14.9 percent m-o-m).
In y-o-y terms, building permits decreased 11.4 percent in March.
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