Drop in permit values, online mortgage rates connected: CanEquity

“If building construction is down, then the need for mortgages is likely to decrease as well,” said Anthony De Almeida, chief executive officer of the Canadian Equity Group Inc.

Statistics Canada reported the drop in building permit values this week, surprising economists who had predicted a 0.5% to 0.7% increase instead.

In a subsequent news release, De Almeida connected the building permits to online mortgages. Citing data from CanEquity’s internal marketing research and Google Insights for Search, the release said online mortgages had dropped 20% since last year.

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