Statistics Canada announced on Monday that the value of building permits issued by the Canadian municipalities declined 2.1 percent m-o-m in August, following a revised 4.1 percent m-o-m fall in July (originally a plunge of 3.9 percent m-o-m). 

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

According to the report, the value of residential permits tumbled 8.3 percent m-o-m in August, as permits for multi-family dwellings plunged 15.9 percent m-o-m, while single-family permits rose 1.2 percent m-o-m.

At the same time, the value of non-residential building permits climbed 12.3 percent m-o-m in August, reflecting jumps in institutional (+21.9 percent m-o-m) and commercial (+14.9 percent m-o-m) permits, which were partially offset by a drop in industrial permits (-7.3 percent m-o-m).

In y-o-y terms, building permits surged 16.9 percent in August.