Canadians invested less in building and improving real estate last year. Statistics Canada (Stat Can) data shows the value of residential building permits dropped in November. The declines are being seen across Canada, but Toronto and Vancouver are seeing larger declines.
Canadian Residential Building Permit Value Down Over 1% YTD
The value of residential building permits across Canada are falling compared to last year. The total value of permits reached $4.734 billion in November, down 3.98% from the month before. This represents a decline of 6.86% from the same month last year. Stat Can attributed the decline to multi-family homes.
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