ISTANBUL: Building permits in Canada plummeted 12.2% in May to $11.7 billion, diving from a record-high of $13.4 billion in April, the country’s statistical authority said on Friday.
The market expectation for the figure was to show a 5% decrease.
The figure for April was revised up to a gain of 23.4% from an increase of 20.5%.
“British Columbia led the national decline in May with a significant drop of 50.7% after experiencing a record high for the total value of building permits issued in April,” Statistics Canada said in a statement.
“Excluding British Columbia, the total value of building permits for the remaining provinces and the territories edged down 0.7% in May,” it added.
The value of residential building permits decreased 16.3% to $7.1 billion in May, said the agency.
British Columbia, the country’s westernmost province, also led the decline with 53.7%, or $1.1 billion, following an “unusually” strong April when it saw a record-high value of multi-unit permits.
Source: Anadolu Agency