Canada’s construction boom came to an abrupt end in February as the value of building permits fell by more than a fifth from January.
Municipalities issued $4.9 billion worth of building permits in February, down 22.4 per cent from January and 12 per cent below last year’s monthly average, Statistics Canada reported Wednesday.
The drop, the fastest in 13 months, came in both the residential and non-residential sectors. Permits fell in all provinces except Manitoba.
Among the provinces, Ontario incurred the biggest dollar loss in the value of residential permits, posting its lowest total since December 2001 at $1 billion.
Significant declines were also recorded in British Columbia, Alberta and Quebec. As in Ontario, the declines came from retreats in both the single-and multi-family components.
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