Statistics Canada announced on Wednesday that its flash estimates showed the value of building permits issued by the Canadian municipalities plunged 23.2 percent y-o-y in March.

According to the report, Ontario (-50.5 percent y-o-y), Quebec (-39.1percent y-o-y) and British Columbia (-26.8 percent y-o-y) recorded the strongest declines, likely reflecting provincial measures put in place mid-month to slow the spread of COVID-19.

The value of residential permits tumbled 34.6 percent y-o-y in March, while the value of non-residential building permits fell 7.4 percent y-o-y.