Canada's building permits plummet 13.9% in June

By Ovunc Kutlu

ISTANBUL (AA) - Building permits in Canada plummeted 13.9% in June to $9.9 billion, the country's statistical authority said on Monday.

The market expectation for the figure was to show a 5.6% drop.

The figure for May was revised to a decline of 12.7% from a decrease of 12.2%.

In June, Statistics Canada said in a statement: "Decreases were reported in 11 of the 13 provinces and territories, with both residential and non-residential sectors experiencing reductions."

The total value of residential permits fell 11.5% to $6.5 billion in June, with nine of the 13 provinces and territories contributing to this decrease in residential permits, it added.

Meanwhile, the total value of non-residential sector permits dropped 18.1% to $3.5 billion in June.

In the second quarter of this year, the total value of building permits was $34.6 billion, up 2.1% from the first quarter figure of $33.9 billion.

"This represents a second consecutive quarterly increase and the fourth highest quarterly value in the series," said the statement.