Statistics Canada announced on Tuesday that the value of building permits issued by the Canadian municipalities rose 6.1 percent m-o-m in August, following a revised 3.2 percent m-o-m advance in July (originally a 3.0 percent m-o-m increase).

Economists had forecast a 1.0 percent drop in August from the previous month.

According to the report, the value of residential permits surged 11.7 percent m-o-m in August, as permits for multi-family dwellings climbed by 18.8 percent m-o-m, and single-family permits rose by 3.2 percent m-o-m.

At the same time, the value of non-residential building permits dropped by 2.7 percent m-o-m in August, due to declines in institutional (-10.7 percent m-o-m) and commercial (-5.9 percent m-o-m) permits, which however were partially offset by a jump in industrial permits (+18.9 percent m-o-m).

In y-o-y terms, building permits rose 11.1 percent in August.