Canada Building Permits Fall 2.4% MoM in November

The value of building permits in Canada declined 2.4 percent from a month earlier to CAD 8.1 billion in November 2019, after falling 1.5 percent in the previous month and against market expectations of a 1 percent gain. The value of residential permits slumped (-4 percent to CAD 4.7 billion), as the decrease in the multi-family segment (-11.3 percent to CAD 2.5 billion) more than offset the rise in the single one (5.6 percent to CAD 2.3 billion). Also, the value of permits in the non-residential sector dropped (-0.1 percent to CAD 3.3 thousand), as a sharp decline in the commercial permits component (-13.5 percent to CAD 1.7 billion) outweighed increases in both the industrial (24.5 percent to CAD 0.8 billion) and the institutional segments (14.5 percent to CAD 0.9 billion). The value of building permits was down in six provinces, led by Ontario (-5.7 percent to CAD 3.2 billion).