Building permits slide in May

The value of building permits issued by Canadian municipalities was $11.7 billion in May, StatCan reports, down 12.2 percent from a record high of $13.4 billion in April. British Columbia led the national decline in May with a significant drop of 50.7 percent after experiencing a record high for the total value of building permits issued in April. The value of residential building permits fell 16.3 percent to $7.1 billion in May.