Statistics Canada announced on Wednesday that the value of building permits issued by the Canadian municipalities tumbled 17.1 percent m-o-m in April, following a revised 13.4 percent m-o-m decline in March (originally a plunge of 13.2 percent m-o-m). The April decrease was the largest since October 2008.

According to the report, the value of residential permits plummeted 14.2 percent m-o-m in April, as single-family permits fell by a record 35.9 percent m-o-m, while permits for multi-family dwellings rose by 4.8 percent m-o-m.

At the same time, the value of non-residential building permits dropped 21.9 percent m-o-m in April, due to declines in industrial (-34.7 percent m-o-m), commercial (-21.57 percent m-o-m) and institutional (-10.5 percent m-o-m) permits.

In y-o-y terms, building permits tumbled 37.0 percent in April.