The value of building permits in January fell below the C$6-billion mark for the first time since April 2007. An increase in the non-residential sector was insufficient to compensate for fewer construction intentions in the residential area.
Municipalities issued C$5.9 billion worth of building permits, down 2.9% from the December 2007 value of C$6.0 billion. This was a third consecutive monthly decline.
Despite the recent declines, building sites should remain busy in the first part of 2008 since construction intentions were strong in 2007. Building permits are a leading indicator for construction activity.
In the residential sector, the value of building permits dropped by 13.9% to C$3.3 billion. This was fuelled by a 26.9% drop in multi-family housing. Intentions also decreased in the single-family component (-5.4%).
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