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In The News:

Canadian Building Permits Down Nearly 12% in Oct.

Source: Statistics Canada

Canadian contractors took out $4.8 billion in building permits in November, down 11.8% from October, the result of widespread declines in both residential and non-residential sectors. It was the third double-digit decrease in four months.
 
Intentions fell in all provinces except Alberta, Saskatchewan and Nova Scotia.
 
November's level, the lowest since February 2007, was 22.6% below last year's monthly average.
The value of non-residential permits fell 15.2% to $2.1 billion, the second consecutive monthly decrease. This drop occurred mainly as a result of declines in Quebec, Ontario and British Columbia.
 
In the residential sector, the value of building permits declined by 9.0% to $2.7 billion, a level not seen since January 2005. Intentions declined for both single- and multi-family permits. Provincially, Ontario and British Columbia registered the largest decreases in both sectors.
 
On a year-to-date basis, the total value of building permits issued by municipalities from January to November amounted to $65.7 billion, down 3.9% from the total for the first 11 months of 2007.
 
The year-to-date value of permits in the residential sector decreased by 8.5%, while intentions in the non-residential sector were 3.3% higher.
 
More details here.

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