New building permits drop led by Alberta, Newfoundland

The value of new building permits issued in July dropped 3.3% from the previous month, declining in six provinces led by Alberta, Newfoundland and Labrador, government figures showed.

The value of permits issued was $6.4 billion, Statistics Canada said. The total was 33% higher than the same period last year, it said. Both the residential and non-residential sectors fell. The figures were slightly better than the 4.9% decline forecast by economists.

Residential permits fell for the fourth consecutive month, dropping 2.4%. Permits for single-family homes fell 0.9%, while intentions to build multiple units dropped 4.6%.

The figures showed big regional discrepancies for the month. Eight provinces reported a decline in permits for single family homes, while Ontario saw a 10% increase.

In the multiple unit sector, building permit demand dropped in British Columbia and Quebec and rose in Alberta and Ontario.