UPDATE 1-Canada building permits slump in Nov to 10-month low

Thu Jan 10, 2013 8:39am EST
 
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* Building permits sink 17.9 pct in November, more than forecast

* Housing permits down 6.8 pct

* Non-residential permits tumble 30.6 pct

OTTAWA, Jan 10 (Reuters) - The value of building permits issued in Canada during November tumbled to the lowest level since January 2012 due mainly to a slowdown in housing and non-housing construction in the province of Ontario, Statistics Canada said on Thursday.

Building permits slid 17.9 percent to C$6.2 billion ($6.3 billion), the biggest monthly drop in 19 months in percentage and value terms, following a 15.9 percent increase in October. Statscan revised its October estimate from a 15 percent gain previously.

The decline in November was far steeper than the 7.6 percent drop forecast by analysts in a Reuters poll.

Despite the setback in November, permits issued in the first 11 months of 2012 was 11 percent higher than in the same period of 2011 and surpassed the pre-recession peak in 2007.

Residential permits fell 6.8 percent overall, led by Ontario where a slump was partially offset by gains in the western provinces and Quebec. Single-family housing permits slipped 4 percent while multi-family dwellings fell 10.8 percent.   Continued...