Building permits rise 1.7% as housing softens

The value of Canadian building permits rose by a weaker-than-expected 1.7 percent in February as a sharp decline in plans for multi-family housing partially offset strength in other types of residential and non-residential projects, Statistics Canada said on Tuesday.

The increase followed a 1.8-percent gain in January and was below the 4.3-percent gain forecast by market players for February. It reflected a 18.9-percent jump in permits for the non-residential sector and a 7.2-percent drop in the residential sector.