Statistics Canada reported on Friday that the value of building permits
issued by the Canadian municipalities declined 4.0 percent m-o-m in January
2023, following a downwardly revised 7.7 percent m-o-m tumble (from -7.3 percent
m-o-m) in December 2022.
Economists had predicted a 1.5 percent jump in January from the previous
month.
According to the report, the value of residential building permits plunged
6.6 percent m-o-m in January, reflecting an 8.3 percent m-o-m tumble in permits
for multi-family dwellings and a 4.4 percent m-o-m fall in single-family permits. Meanwhile,
the value of non-residential permits increased 0.7 percent m-o-m in January, as
a 5.4 percent m-o-m surge in commercial permits more than offset a 5.9 percent
m-o-m slump in institutional permits and a 3.9 percent m-o-m decrease in industrial
permits.
In y-o-y terms, building permits declined 5.0 percent in January.