7 February 2013
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…