Statistics Canada announced on Monday that the value of building permits issued by the Canadian municipalities fell 3.0 percent m-o-m in July, following a revised 5.7 percent m-o-m climb in June (originally a gain of 6.2 percent m-o-m).

Economists had forecast a 5.5 percent increase in July from the previous month.

According to the report, the value of residential permits plummeted 6.2 percent m-o-m in July, as permits for multi-family dwellings plunged by 12.8 percent m-o-m, while single-family permits rose by 3.9 percent m-o-m.

At the same time, the value of non-residential building permits increased 3.3 percent m-o-m in July, due to a surge in commercial permits (+29.9 percent m-o-m), which more than offsets declines in industrial (-15.7 percent m-o-m) and institutional (-24.2 percent m-o-m) permits,

In y-o-y terms, building permits tumbled 9.6 percent in July.