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building permits rose at a slower-than-expected rate in February as planned
residential construction declined for the ninth time in 12 months, suggesting
developers are taking on fewer new projects as the housing market cools.
The overall value of building permits issued by Canadian municipalities grew 1.7% to 5.95 billion Canadian dollars ($5.85 billion), supported by gains in the non-residential sector, Statistics Canada said Tuesday. Permits were down 8.5% year-on-year.
consensus call was for a 3% monthly increase, according to a report from Royal
The data, which provide an early indication of building activity, is based on a survey of 2,400 municipalities representing 95% of the country's population.
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