Fewer building permits in May, but building sector robust

Statistics Canada has reported that the value of building permits issued during May fell by 26% compared to the month before. This downward trend in construction activity was not what the economists had been expecting. They were reportedly looking for a 1.2% advance. In dollar terms, the government agency said $3.6 billion worth of permits were issued by municipalities in May.
About 25% of the decline in May is mostly in multi-family residential buildings such as townhouses and condominiums. The non-residential sector actually increased by 3.3%.
Indeed, overall the building construction sector is very healthy. The value of construction permits issued between January and May is up 13.6% overall from the same period last year.