Build­ing per­mits value drops in May

The Guardian (Charlottetown) - - BUSINESS -

OT­TAWA - The to­tal value of build­ing per­mits is­sued by Cana­dian mu­nic­i­pal­i­ties in May fell 14.5 per cent to $6.7 bil­lion, fol­low­ing two months of dou­ble-digit gains, Sta­tis­tics Canada said Tues­day. Econ­o­mists had ex­pected a drop of five per cent, ac­cord­ing to Thom­son Reuters. Sta­tis­tics Canada said the value of residential per­mits is­sued in May dropped 13.5 per cent to $3.9 bil­lion af­ter three con­sec­u­tive monthly in­creases. The value of multi-fam­ily home per­mits fell 22.9 per cent to $1.6 bil­lion in May due to a drop in ev­ery province and ter­ri­tory, ex­cept Bri­tish Columbia, New Brunswick and Nu­navut. Con­trac­tors took out $2.3 bil­lion worth of build­ing per­mits for sin­gle-fam­ily homes in May, down 5.5 per cent.

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