The value of building permits issued in Canada unexpectedly fell in March but plans for housing construction inched higher after a steep fall in February, according to Statistics Canada data released on Wednesday.
Builders took out $6.0-billion ($5.5-billion) worth of permits in the month, down 3 per cent from February and defying market forecasts for a 4.3 per cent increase. Statscan revised the February figures to show a 11.3 per cent decline in permits versus 11.6 per cent.
The value of residential permits climbed 1 per cent but remained considerably lower than the record-high in January and in most of 2013 because of a 20.8 per cent slide in February. Construction intentions for multi-family dwellings rose 7.9 per cent while those for single-family homes fell 3.6 per cent.
The strength in housing was not enough to offset a 8.8 per cent decrease in permits for non-residential projects. The value of permits for institutional and industrial buildings fell while it rose for the commercial component.
On a year-on-year basis, the total value of permits was down 5.5 per cent, with the residential component up 1.0 per cent and the non-residential component down 14.2 per cent.
Follow us on Twitter: