Building permits slide in March

OTTAWA ― The total value of building permits issued by Canadian municipalities fell 7% to $6.9 billion in March, marking the second decline in three months. The decrease, which followed a 15.3% gain in February, was largely the result of lower construction intentions for commercial buildings in Alberta, Ontario, and British Columbia. In the non-residential sector, the value of building permits was down 22.8% to $2.4 billion in March, following a 32.6% increase the previous month. Declines were reported in half the provinces, with Alberta responsible for most of the drop, followed by British Columbia and Ontario. The value of residential permits rose 4.8% to $4.4 billion in March, a second consecutive monthly increase. Gains were posted in seven provinces, led by Ontario, British Columbia, and Nova Scotia. The largest decline in residential construction intentions was reported in Alberta.