Statistics Canada announced on Thursday that the value of building permits issued by the Canadian municipalities fell 3.9 percent m-o-m in July, following a revised 7.2 percent m-o-m surge in June (originally a climb of 6.9 percent m-o-m). 

Economists had forecast a 0.3 percent increase in July from the previous month.

According to the report, the value of residential permits dropped 3.1 percent m-o-m in July, as single-family permits plunged 9.6 percent m-o-m, while permits for multi-family dwellings rose 2.7 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 decreases in institutional (+17.1 percent m-o-m) and commercial (-6.9 percent m-o-m) permits, which were partially offset by a jump in industrial permits (+17.6 percent m-o-m).

In y-o-y terms, building permits surged 21.8 percent in July.