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Global Markets: Canadian building permits slump

By Commodity News Service Canada

WINNIPEG, July 7 – The following is a glance at the news
moving markets globally.

BUILDING PERMITS WANE
Building permits issued by Canadian municipalities fell 1.9 per cent in May. According to the Federal government, the permits were worth C$6.8 billion.
The value of non-residential permits dropped 3.3 per cent to $2.5 billion in that same month, following a 1.9 per cent increase in April.
A drop in single-family homes was one of the main reasons for the decrease.

GROUP DENIES HOUSING BUBBLE EXISTS

A lobby group for Canada’s mortgage industry is denying suggestions that there’s a housing bubble in Canada.
In a release, Mortgage Professionals Canada claims that any changes to existing regulations will make it more difficult for people to obtain mortgage financing while reducing housing activity.
The group also says housing prices in Calgary and Saskatoon were down in May from the same time in 2015.

MINERAL COMPANY ANNOUNCES CHANGE IN LEADERSHIP
Dominion Diamond Corporation has announced that Chief Financial Officer Ron Cameron will step down on July 15.
The company, which is developing core assets in the NWT. says controller Cara Allaway will take over on an interim basis.
The Canada-based mineral company has lost a third of its value since 2015.

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