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Building Permits Plummet 19.6% in November

16/02/2016


MNP's TAKE: The value of building permits issued across Canada fell dramatically in November, down almost 20% overall, except in B.C. where permits rose 4.2%. Dollar-wise, residential building permits fell hardest, dropping $6.2-billion in value, compared to a $4-billion slide in non-residential permits, according to Statistics Canada's latest date.The fall was attributed in part to the oil price crash dampening activity in Alberta by more than 55%, pulling down the rest of the country.

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To find out more, contact Lee Thiessen, MNP National Leader, Real Estate, at 403.537.7617 or [email protected]


BY THE CANADIAN PRESS

OTTAWA - Statistics Canada says the value of building permits issued by municipalities fell sharply in November, with widespread declines in most provinces, particularly Alberta.

The federal agency said building permits were down 19.6 per cent from October to $6.2 billion, dropping below the $7-billion mark for first time since May 2015 as a result of big decreases in both residential and non-residential construction.

The value of residential building permits fell 17.8 per cent to $4 billion, the third decline in four months.

In the non-residential sector, the value of permits decreased 22.7 per cent to $2.2 billion in November following slight gains the previous two months.

British Columbia was the only province to report an overall increase, rising 4.2 per cent to $1.1 billion.

Alberta led the way lower, with the value of permits falling 56 per cent to $953 million, after a particularly strong showing in October as contractors filed permits in advance of changes to the Alberta Building Code.

This article was written by The Canadian Press from The Canadian Press and was legally licensed through the NewsCred publisher network.