Statistics Canada announced on Thursday that the value of building permits issued by the Canadian municipalities surged 12.9 percent m-o-m in November, following a revised 12.6 percent m-o-m tumble in October (originally a plunge of 14.6 percent m-o-m).

Economists had forecast a 3.0 percent increase in November from the previous month.

According to the report, the value of residential permits climbed 10.0 percent m-o-m in November, as single-family permits rose 4.4 percent m-o-m, while permits for multi-family dwellings surged 14.8 percent m-o-m.

At the same time, the value of non-residential building permits jumped 19.5 percent m-o-m in November, due to gains in commercial (+31.2 percent m-o-m) and institutional (+23.2 percent m-o-m) permits, which more than offset a decline in industrial permits (-9.3 percent m-o-m).

In y-o-y terms, building permits rose 16.2 percent in November.