April 10, 2018 / 12:47 PM / in 3 months

Canada February building permits dip 2.6 percent on Ontario weakness

OTTAWA (Reuters) - The value of Canadian building permits dipped by 2.6 percent in February, in part due to lower construction intentions for single-family homes in Ontario, Statistics Canada said on Tuesday.

FILE PHOTO: People pass a sign reading "Sold Out" below a condominium building under construction in midtown Toronto, Ontario, Canada March 30, 2018. REUTERS/Chris Helgren

The value of permits for single-family dwellings edged lower by 1.6 percent, pulled down by a 6.9 percent decline in Ontario, Canada’s most populous province. Toronto, the country’s largest city, recorded a 13.6 percent decrease.

The Ontario government implemented a number of measures last year to rein in rampant price increases in Toronto and the surrounding areas. Overall, the value of residential permits issued in Canada dipped by 0.3 percent.

The smaller nonresidential sector posted a 6.6 percent drop as weaker construction intentions for commercial and institutional buildings outweighed an increase in permits issued for industrial structures.

The institutional component fell by 9.7 percent on lower demand for educational structures in the Quebec city of Montreal.

Reporting by David Ljunggren; Editing by Jeffrey Benkoe

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