Statistics Canada reported on Tuesday that the value of building permits
issued by Canadian municipalities tumbled by 18.8 percent m-o-m in April,
following an upwardly revised 12.3 percent m-o-m climb (from +11.3 percent
m-o-m) in March.
Economists had forecast a 5.0 percent decline in April from the previous
month.
According to the report, the value of residential building permits plunged
6.1 percent m-o-m in April, reflecting a 3.6 percent m-o-m drop in single-family
permits, and a 7.6
percent m-o-m decline in permits for multi-family dwellings. Meanwhile, the value of non-residential
permits plummeted 34.6 percent m-o-m in April, undermined by a 49.6 percent m-o-m
plunge in industrial permits, a 40.2 percent m-o-m tumble in commercial permits, and a 1.6 percent m-o-m decrease in institutional permits.
In y-o-y terms, building permits fell 19.6 percent in April.