7 February 2013

Number of new building permits goes down because of stricter mortgage rules

According to the recent report by Statistics Canada, tighter Canadian
mortgage rules caused an activity decline in the national real estate
market, especially in the hot condominium sector. The report shows that
the value of Canadian building permits was down by 11.2% in December
following another decrease of 14.5% in November.

As a matter of fact, it’s the largest two-month decline since 1989. In the end, the value of building permits fell by 16.2% compared to 2011…

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