Statistics Canada released housing market data on Friday. Building permits in Canada jumped 14.8% in June, exceeding expectations for a 5.0% rise, after a 13.9% drop in May. May's figure was revised down from a 14.5% decline.

The rise was driven by higher construction intentions for multi-family dwellings in Quebec, Alberta and Ontario, institutional buildings in Alberta and commercial buildings in British Columbia.

Building permits for non-residential construction rose 13.2% in May, while permits in the residential sector climbed 15.9%.