Statistics Canada announced on Monday that the value of building permits issued by the Canadian municipalities tumbled 14.6 percent m-o-m in October, following a revised 18.6 percent m-o-m jump in September (originally a surge of 17.0 percent m-o-m).

Economists had forecast a 5.0 percent decrease in October from the previous month.

According to the report, the value of residential permits fell 5.9 percent m-o-m in October, as single-family permits dropped 2.2 percent m-o-m, while permits for multi-family dwellings plunged 9.0 percent m-o-m.

At the same time, the value of non-residential building permits declined 29.5 percent m-o-m in October, due to decreases in commercial (-40.9 percent m-o-m), industrial (-19.8 percent m-o-m) and institutional (-9.9 percent m-o-m) permits.

In y-o-y terms, building permits decreased 3.3 percent in October.