Building permits tumble in May

The value of building permits fell in May by a record $1.6 billion, or 14.8 percent, to $9.5 billion. The decline affected all sectors, StatCan reports, with almost three-fifths of it due to multi-family dwellings in Ontario. All provinces except for Newfoundland and Labrador posted a decrease in the value of permits issued for single-family dwellings, which fell 10.6 percent nationally to $3.2 billion. Quebec accounted for almost half of that decline.