StatCan releases latest building permit values
The total value of building permits in Canada declined 6.6% in July to $11.2 billion, mainly due to weakness in the residential sector, which fell by 8.6% to $7.6 billion.
The latest figures from Statistics Canada showed that the drop in residential intentions was largely driven by Ontario (single-family permits down by 13.9%), which significantly outweighed gains in six other provinces. Still, the single-family component was 14.8% higher than July 2021.
The value of multi-family building permits declined by 11.1%, with slowdown registered in six provinces. Ontario accounted for the largest decrease (down by 32.8%).