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Alberta drags down March building permits
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Reuters
Y5 ]- `2 _6 }3 wMay 06, 2008 / q. C7 g) A5 }+ V1 ] C
9 t0 B, ^/ Q( J; W- M fThe value of building permits unexpectedly fell in March for the fourth time in five months, dragged down by Alberta in a sign a construction boom there may be winding down.
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Statistics Canada said building permits fell 4.5 per cent from February, compared to market expectations for a 1.4 per cent gain. Residential permits fell 5.7 per cent while nonresidential permits dropped 2.4 per cent.
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5 \; F, m8 J: F |The value of permits has declined for three straight quarters. In the first quarter, permits issued were worth 8.2 per cent less than in the fourth quarter of last year.9 ?, s& w( B, N0 d: v. A4 o7 D
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In resource-rich Alberta, where urban skylines have been dotted with construction cranes, permits plunged 32.9 per cent. The number of new housing units approved in Calgary fell to their lowest level since July 2000. Edmonton and Montreal also experienced large setbacks in housing construction plans.
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5 R& D( Z' f; r% f& |The province of Ontario bounced back after a sharp drop in the value of permits in February, gaining 7.3 per cent, thanks to the strength of housing activity.
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In the housing sector nationwide, StatsCan said that even though builders planned to build more multi-family units, the value of those permits declined, a reflection of a new emphasis on more affordable housing. |
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