Statistics Canada released housing market data on Wednesday. Building permits in Canada plunged 14.5% in May, missing expectations for a 5.0% decline, after a 12.1% gain in April.

April's figure was revised up from a 11.6% rise.

The drop was driven by declines in construction permits in the residential and non-residential sectors. Building permits for non-residential construction fell 16.0% in May, while permits in the residential sector slid 13.5%.