Building Activity Dips In October

Municipalities issued building permits worth $8.2 billion in October, down 14.6 per cent from the previous month, says Statistics Canada. September's peak was the second highest value on record, with October's results more in line with recent months. The total value of non-residential permits fell 29.5 per cent to $2.5 billion in October, after there were several large permits issued the prior month. Ontario was responsible for over four-fifths of the decline. Commercial permits set a record decline, falling 40.9 per cent to $1.2 billion, the lowest level since November 2011. Although the total value of residential permits decreased 5.9 per cent to $5.7 billion in October after a record high in September, the value of residential permits continued to show strength. Excluding Ontario and British Columbia, the rest of the country reported a slight increase for the month.