Value of Canada building permits drops 3.7 percent in August
OTTAWA (Reuters) - The value of Canadian building permits issued in August unexpectedly fell by 3.7 percent from July on a decline in construction intentions in several provinces, Statistics Canada data indicated on Wednesday.
Market analysts had expected the value of permits to increase by 0.8 percent. Statscan revised July's data to show a 0.7 percent increase from June after initially reporting a 0.6 percent decline.
In Ontario, the most populous province, the value of permits rose by 19.4 percent overall but this increase was offset by declines elsewhere.
Residential building permits dropped by 5.1 percent, pulled down by a 8.3 percent fall in multi-family dwellings. The largest decrease was in British Columbia, where the value of permits issued for such dwellings hit a record in July.
The value of permits for single-family dwellings dropped by 1.9 percent, the first decline in three months.
Intentions for non-residential construction slipped by 1.3 percent on a decrease in plans for buildings in the utilities, transportation and medical sectors.
(Reporting by David Ljunggren Editing by W Simon)
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