Single-family permits hit record high

The total value of building permits decreased 4.1 percent to $9.1 billion in December, according to Statcan, following a month during which several high value permits were issued. The drop was less steep than Bay Street forecasts of five percent. Single-family homes, however, rose seven percent to $3.1 billion, surpassing the previous record of $2.9 billion set in October 2016. Six provinces posted gains in this component, led by Ontario (largely due to the Greater Toronto Area) and Quebec.