OTTAWA -- The value of Canadian building permits issued in July dropped by 3.3% from June, in line with market expectations, on weaknesses in both residential and nonresidential sectors, Statistics Canada said Wednesday.

Traders predicted a 3.5% fall. Statscan revised June’s month-on-month increase to 6.9% from an initial 6.5%.

Although building permits can be volatile, the figures reflected recent data showing the pace of Canadian growth is tapering off after a fast start to the year.

The overall value of permits was 33% higher than in July 2009. Permits issued in the residential sector fell by 2.4% to $3.5-billion on a decline in building intentions for both single and multiple family units.

Nonresidential intentions dropped by 4.3% in July from June to $2.9-billion, the fourth consecutive decrease, on lower construction intentions for industrial and commercial buildings.

© Thomson Reuters 2010