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Building permits posted an unexpected 21-percent decline in April. BNN speaks with David Madani of Capital Economics about the data – and his belief that the Canadian housing market is set for a 25 percent pullback in prices.
BUILDING PERMITS DECLINE
The value of building permits issued in Canada in April unexpectedly plummeted 21.1 percent from March on weakness in the powerful province of Ontario, Statistics Canada data indicated on Monday.Analysts in a Reuters poll had forecast a 6.0-percent decline from the near four-year high recorded in March. Statscan revised March's increase to 16.8 percent from an initial 17.2 percent.