Canadian Real Estate Sees Another Leading Indicator Crash Over 20% From Peak
The Canadian real estate slowdown is getting started, as another leading indicator fades. Statistics Canada (Stat Can) data shows building permit values fell in August. Since permits are for future activity, a decline means less building is coming. All the declines were due to a drop in residential permits, which has fallen sharply from its peak. While the drop is sharp, there’s no need to worry about supply concerns yet. Even at this reduced volume, the value of permits still exceeds pre-pandemic levels.