Statistics Canada announced on Wednesday that the value of building permits issued by the Canadian municipalities climbed 6.9 percent m-o-m in June, following a revised 12.9 percent m-o-m tumble in May (originally a plunge of 14.8 percent m-o-m).

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

According to the report, the value of residential permits jumped 9.1 percent m-o-m in June, as single-family permits rose 4.7 percent m-o-m and permits for multi-family dwellings surged 13.5 percent m-o-m.

At the same time, the value of non-residential building permits went up 2.2 percent m-o-m in June, reflecting gains in commercial (+7.4 percent m-o-m) and industrial (+2.3 percent m-o-m) permits, which were partially offset by a decrease in institutional permits (-6.7 percent m-o-m).

In y-o-y terms, building permits surged 24.1 percent in June.