The value of Canadian building permits issued in January sank by 12.9% to $6.13 billion, pulled down by sharply lower construction intentions for non-residential buildings, Statistics Canada said on Friday.
Market analysts had forecast a 4.3% drop. Revised figures showed a 6.1% gain in December.
The value of non-residential permits dropped by 22.8% in January on weaker demand in the major provinces of Alberta, British Columbia and Ontario. Construction intentions fell for educational institutions, medical facilities and nursing homes.
The value of residential permits dropped by 7%, largely due to a 21% drop in permits for multifamily dwellings – a fourth consecutive monthly decline.
