Statistics Canada announced on Friday that the value of building permits issued by the Canadian municipalities plunged 14.8 percent m-o-m in May, following a revised 0.2 percent m-o-m gain in April (originally a fall of 0.5 percent m-o-m).

Economists had forecast a 0.3 percent decrease in May from the previous month.

According to the report, the value of residential permits tumbled 16.0 percent m-o-m in May, as single-family permits declined 10.6 percent m-o-m and permits for multi-family dwellings plunged 20.6 percent m-o-m.

At the same time, the value of non-residential building permits dropped 12.2 percent m-o-m in May, reflecting decreases in commercial (-15.8 percent m-o-m), industrial (-14.6 percent m-o-m) and institutional (-3.4 percent m-o-m) permits.

In y-o-y terms, building permits surged 22.0 percent in May.