Building permits decline in July

The value of building permits in Canada fell 6.6 percent in July to $11.2 billion, StatCan reports. The decline was mainly due to the residential sector, which fell 8.6 percent to $7.6 billion. The non-residential sector also dropped slightly by 2.1 percent. Single-family building intentions were down 5.7 percent, as a 13.9 percent tumble in Ontario more than offset the gains in six provinces. Despite the decline, the single-family sector remained 14.8 percent higher than the same month of 2021.