OTTAWA - The value of building permits fell below the $6-billion mark in January for the first time since last April, primarily due to fewer construction intentions in the residential area.
Municipalities issued $5.9 billion worth of building permits, down 2.9 per cent from December's value of $6 billion, the third consecutive monthly decline.
Statistics Canada says building sites should remain busy in the first part of 2008, despite the recent declines, since construction intentions were strong in 2007.
The value of residential building permits dropped 13.9 per cent to $3.3 billion, fuelled by a 26.9 per cent drop in multi-family housing while intentions fell 5.4 per cent in the single-family component.
The value of non-residential permits rose 16.4 per cent to $2.5 billion after two monthly decreases, as institutional, commercial and industrial permits all were on the rise.
Provincially, the largest dollar gain was in Ontario, where municipalities approved $2.4 billion worth of permits in January.
