The value of Canadian building permits fell by the most in eight months in September, driven by a decline in construction intentions for commercial buildings, though residential plans rose, data from Statistics Canada showed on Tuesday.
The 7.0 percent decline exceeded economists’ expectations for a drop of 5.6 percent and was the largest monthly decline since January. August’s figures were upwardly revised to an increase of 11.0 percent from the initially reported 10.4 percent.
A 22.3 percent slump in non-residential building permits weighed on September’s figures. Plans for commercial buildings, including retail complexes and office buildings, fell 20.8 percent, though declines were also seen in intentions for institutional and industrial buildings.
Residential building permits rose 2.6 percent on higher construction intentions for rental apartments, though that was moderated by a decline in condominiums.
In the province of British Columbia, where the housing market has started to cool, residential permits were down 12.1 percent. However, Ontario remained hot with residential permits up 8.7 percent.