Monday, November 06, 2006

Housing Market Bubble Are Spreading Rapidly

The effects of the burst Housing Market bubble are spreading rapidly to all Canada.

The value of Canadian building permits fell by 2.5 % in September from August as house-building intentions waned after two months of gains.

The drop follows a hefty 9.1 % rise in permits issued in August, revised from 8.3 %.

Residential permits slipped 3.8 %, their biggest decline since April, with the province of Ontario pulling down the national average with an 11.2 % tumble that was partly offset by strength in Western Canada.

Non-residential permits fell just 0.3 % in value. The value of office building permits in Ontario sank while industrial and institutional intentions remained strong.


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