Ontario drags residential permits in April

The value of building permits in Canada dropped 18.8 percent to $9.6 billion in April, according to StatCan, the lowest level since December 2020. Following a record high in March, the total monthly value of non-residential permits fell 34.6 percent to $3.4 billion.

In the residential sector, permits were down 6.1 percent to $6.1 billion, sliding for the second consecutive month. Declines were posted for both the single-family and multi-dwelling components. In Ontario, residential permits fell by 10.5 percent or $296.4 million, contributing significantly to the overall decline.