Statistics
Canada reported on Thursday that the value of building permits issued by
Canadian municipalities declined by 3.1 per cent m-o-m in October, following an
unrevised 11.5 per cent m-o-m jump in September.
Economists had predicted
a 5.0 per cent plunge for October from the previous month.
According to
the report, the value of residential building permits increased 2.3 per cent
m-o-m in October, reflecting a 5.0 per cent m-o-m surge in single-family
permits and a 0.8
per cent m-o-m rise in permits for multi-family dwellings. Meanwhile, the value of
non-residential permits tumbled 11.0 per cent m-o-m in October, as all three
non-residential components - institutional (-20.2 per cent), industrial (-6.4
per cent) and commercial (-5.9 per cent) permits - fell.
In y-o-y terms,
building permits were up 11.6 per cent in October.