Statistics
Canada reported on Friday that the value of building permits issued by Canadian
municipalities declined by 12.2 per cent m-o-m in May, following an upwardly
revised 23.4 per cent m-o-m jump (from +20.5 per cent m-o-m) in April.
Economists had forecast
a 5.9 per cent drop for May from the previous month.
According to
the report, the value of residential building permits tumbled 16.3 per cent
m-o-m in May, reflecting a 22.3 per cent m-o-m plunge in permits for
multi-family dwellings and a 2.7 per cent m-o-m decrease in single-family
permits. Meanwhile, the value of non-residential
permits fell 5.0 per cent m-o-m in May, as an 18.0 per
cent m-o-m decline in institutional permits combined with a 7.4 per cent m-o-m drop
in commercial permits more than offset a 20.6 per cent m-o-m climb in industrial
permits.
In y-o-y terms,
building permits were up 2.0 per cent in May.