Statistics Canada announced on Friday that the value of building permits issued by the Canadian municipalities dropped 3.7 percent m-o-m in June, following a revised 12.2 percent m-o-m tumble in May (originally a 13.0 percent m-o-m decline).

Economists had forecast a 1.5 percent advance in June from the previous month.

According to the report, the value of residential permits fell 3.1 percent m-o-m in June, as permits for multi-family dwellings plunged by 6.7 percent m-o-m, while single-family permits rose by 1.3 percent m-o-m.

At the same time, the value of non-residential building permits decreased by 4.6 percent m-o-m in June, due to declines in institutional (-17.4 percent m-o-m) and commercial (-1.1 percent m-o-m) permits, which however were somewhat offset by a gain in industrial permits (+1.7 percent m-o-m).

In y-o-y terms, building permits dropped 5.7 percent in June.