Statistics Canada announced on Thursday that the value of building permits issued by the Canadian municipalities rose 1.7 percent m-o-m in August, following a revised 1.6 percent m-o-m drop in July (originally a decline of 3.0 percent m-o-m).

According to the report, the value of residential permits surged 7.1 percent m-o-m in August, as single-family permits jumped by 9.9 percent m-o-m, while permits for multi-family dwellings climbed by 5.0 percent m-o-m.

At the same time, the value of non-residential building permits plunged 8.6 percent m-o-m in August, due to declines in commercial (-14.7 percent m-o-m) and institutional (-5.8 percent m-o-m) permits, which were partially offset by a surge in industrial permits (+7.5 percent m-o-m).

In y-o-y terms, building permits tumbled 11.2 percent in August.