Statistics Canada announced on Friday that the value of building permits issued by the Canadian municipalities tumbled 13.2 percent m-o-m in March, following a revised 8.4 percent m-o-m decline in February (originally a drop of 7.3 percent m-o-m). The March decrease was the largest since August 2014.

Economists had forecast a 20.0 percent decrease in March from the previous month.

According to the report, the value of residential permits plummeted 13.1 percent m-o-m in March, as single-family permits fell by 15.3 percent m-o-m, while permits for multi-family dwellings declined by 11.1 percent m-o-m.

At the same time, the value of non-residential building permits dropped 13.3 percent m-o-m in March, as declines in commercial (-19.7 percent m-o-m) and institutional (-15.7 percent m-o-m) permits more than offset a gain in industrial permits (+14.9 percent m-o-m).

In y-o-y terms, building permits decreased 11.4 percent in March.