According to Statistics Canada (Statcan), the value of building permits eased 5.3% in September, after hitting a record high a month earlier.

Statcan revealed that although the housing sector rose 3.2%, the fifth gain in the last six months, demand for single-family dwellings is falling.

"The high price tag associated with the purchase of a new single-family dwelling has induced a shift in demand," the report said. "The demand for new single-family dwellings has definitely slowed as the number of new units approved has fallen for a third consecutive quarter."