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Value of building permits fell in March: StatsCan

0 42 Economic

by The Canadian Press

OTTAWA — Statistics Canada says the value of building permits issued by municipalities fell in March for the second consecutive month, due in large part to a drop in plans for apartment buildings, particularly in B.C. and Ontario.
Value of building permits fell in March: StatsCan

The agency says the value of building permits dropped 5.8 per cent to $7 billion in March.

Economists had expected an increase of 5.5 per cent, according to Thomson Reuters.

The value of building permits issued for residential buildings fell 8.4 per cent to $4.6 billion in March as a drop in multi-family homes more than offset an increase in plans for single-family dwellings.

The value of building permits for multi-family dwellings fell 20.9 per cent to $1.9 billion in March, due to a drop in apartment buildings and to a lesser extent, row houses. Plans for single-family homes rose 3.0 per cent to $2.7 billion in March.

The value of building permits for non-residential structures fell 0.5 per cent to $2.4 billion in March.

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