MNI: 5 Things We Learned From Canadian Building Permits Data>

     OTTAWA (MNI) - The following are the key points from the November 

data on the Canadian building permits released Wednesday by Statistics 

Canada: 

     - The value of building permits issued by Canadian municipalities 

fell 7.7% in November, the largest decline since January 2016, 

suggesting weaker construction activity ahead. Permits were still up 

1.3% year-over-year. 

     - Weakness was widespread, as residential permits fell 4.6% and 

non-residential permits were down 12.3%, the largest drop since 

September 2016. 

     - Within the non-residential sector, all components were down, led 

by industrial permits (-19.8%). Institutional permits fell 11.3% and 

commercial permits were down 9.7%. 

     - Within the residential sector, the decrease was led by 

multi-family dwellings, with permits down 10.1%. Single-family dwellings 

were the only component to record higher construction intentions on the 

month, although the gain was limited to 0.6%. In addition, permits fell 

6.2% year-over-year for single-family dwellings, posting the fourth 

consecutive decline. 

     - Regionally, permits fell 7.3% in Toronto and 8.6% in Vancouver, 

indicating some cool down in construction activity in Canada's tightest 

housing markets. Construction intentions contracted 9.3% in Ontario and 

13.8% in British Columbia. 

--MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com 

[TOPICS: M$C$$$,MACDS$]