11/04/2011 08:37 EDT | Updated 01/04/2012 05:12 EST

Canada Real Estate: Value Of Building Permits Drops For 3rd Straight Month


OTTAWA - Contractors took out $5.6 billion worth of building permits in September, a 4.9 per cent drop from August and their third straight monthly decline.

Statistics Canada reports construction intentions fell in six provinces, led by British Columbia and Alberta.

The decline nationally was mainly attributable to lower construction intentions for both residential and non-residential sectors in British Columbia, and the non-residential sector in Alberta.

The value of permits increased in Ontario, Manitoba, Saskatchewan and Nova Scotia.

The value of non-residential sector permits fell 11 per cent nationally to $2 billion.

The value of residential permits declined one per cent to $3.6 billion.