Bldg Permits Down in August:StatsCan

Figures released Monday morning by Statistics Canada indicate a small cloud over the building sector.

The agency reported building permits fell in August, driven by a drop in residential construction intentions in Ontario and British Columbia.

The total value of building permits in August declined 2.1% on a month-over-month basis to a seasonally adjusted 9.66 billion Canadian dollars, or the equivalent of $7.64 billion, Statistics Canada said Monday. Market expectations weren't immediately available.

In July permits issued fell 4.1%, versus an earlier estimate of a 3.9% decline.

On a year-over-year basis, the overall value of permits issued in August advanced by 16.9%.

Building permits provide an early indication of construction activity in Canada and are based on a survey of 2,400 municipalities, representing 95% of the country's population. The issuance of a permit doesn't guarantee that construction is imminent.