January 9, 2015 / 1:47 PM / 3 years ago

Value of Canadian building permits drops 13.8 percent in November

People work at a construction site in Vancouver, British Columbia June 20, 2011.Jason Lee

OTTAWA (Reuters) - The value of Canadian building permits plummeted by 13.8 percent in November to C$6.58 billion ($5.58 billion) on widespread weakness, the second large drop in four months, Statistics Canada said on Friday.

Market analysts had forecast a 0.5 percent gain after revised figures showed increases of 2.1 percent in October and 12.5 percent in September. The value of permits dropped by 27.3 percent in August.

The value of residential permits fell by 3.1 percent in November, while non-residential permits shrank by 29.2 percent.

The total value of permits dropped in seven of Canada's 10 provinces, with British Columbia posting the largest decline with a fall of 46.5 percent.

Permits for multifamily dwellings fell by 3.5 percent, a development that policymakers will notice. The Canadian government says it is closely watching the booming condo market but has so far played down talk of a bubble.

($1=$1.18 Canadian)

Reporting by David Ljunggren; Editing by Lisa Von Ahn

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