Statistics
Canada announced on Monday that the value of building permits issued by
Canadian municipalities plunged by 13.9 per cent m-o-m in June, following a
downwardly revised 12.7 per cent m-o-m tumble (from -12.2 per cent m-o-m) in May.
This marked the steepest decline since April 2023 (-20.3 per cent m-o-m).
Economists had predicted
a 5.6 per cent gain for June from the previous month.
According to
the report, the value of residential building permits fell 11.5 per cent m-o-m
in June, reflecting a 19.8 per cent m-o-m slump in permits for multi-family
dwellings that was
partially offset by a 4.0 per cent m-o-m surge in single-family permits. Meanwhile,
the value of non-residential permits plummeted 18.1 per cent m-o-m in June, as a 42.6 per
cent m-o-m drop in industrial permits combined with a 15.6 per cent m-o-m decrease
in commercial permits more than offset a 1.0 per cent m-o-m advance in institutional
permits.
In y-o-y terms,
building permits were down 21.6 per cent in June.