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.
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.
posted by PondPine.com at 6:55 PM
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