Canada’s residential housing and commercial building markets are in decline

StatsCan reported today that...As a result of declines in both the residential and non-residential sectors, the value of building permits fell 13.5% to $5.6 billion in August, a level similar to the one observed in March 2008. On a year-to-date basis, permits were down 0.7% from the same period last year. In the residential sector, the value of building permits declined by 9.3% to $3.4 billion. This decline was mainly due to a 17.5% drop in multi-family dwellings, coupled... [read full story]