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 CanEquityâ€™s internal marketing research and Google Insights for Search, the release said online mortgages had dropped 20% since last year.
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â€œIf building construction is down, then the need for mortgages is likely to decrease as well,â€ said Anthony De Almeida, chief executive officer of the Canadian Equity Group Inc.