Statistics Canada announced on Monday that the value of building permits issued by the Canadian municipalities fell 1.5 percent m-o-m in October, following a revised 5.9 percent m-o-m drop in September (originally a 6.5 percent m-o-m decrease).

Economists had forecast a 3.0 percent gain in October from the previous month.

According to the report, the value of residential permits declined 3.2 percent m-o-m in October, as permits for multi-family dwellings decreased by 3.4 percent m-o-m, and single-family permits dropped by 2.9 percent m-o-m.

At the same time, the value of non-residential building permits increased 1.1 percent m-o-m in October, due to a surge in institutional permits (+24.9 percent m-o-m), which, however, was offset by declines in commercial (-5.3 percent m-o-m) and industrial (-1.1 percent m-o-m) permits.

In y-o-y terms, building permits rose 1.1 percent in October.