Statistics Canada released housing market data on Thursday. Building permits in Canada soared 11.6% in March, exceeding expectations for a 2.5% gain, after a 0.3% decline in February. It was the biggest increase since September 2014.

February's figure was revised up from a 0.9% fall.

The increase was partly driven by a rise in construction permits for multifamily homes in Ontario and British Columbia.

Building permits for non-residential construction jumped 22.1% in March, while permits in the residential sector rose 6.6%.