Commercial permits down, residential permits up in Canada
Reuters came out with a report today stating: “The value of building permits issued in Canada fell 2.5 per cent in June from a five-year high in May as a sharp decline in non-residential construction plans outweighed a gain in housing, seasonally adjusted data by Statistics Canada showed on Tuesday.”
The report went on to say that despite a jump in housing for the fourth consecutive month, a the decline in non-residential projects simply outweighed the residential jump.
The report also went on to say both Alberta and British Columbia saw declines in housing and non-commercial permits, continuing a growing trend where most analysts think the Canadian housing market is starting to cool down.
Also factoring to the supposed cool down is that the pace of the price increases has significantly slowed, even though Canadian home prices hit a third straight record high in June.
To view the report in its entirety, click here.