Statistics Canada announced on Tuesday that the value of building permits issued by the Canadian municipalities rose 3.0 percent m-o-m in July, following a revised 3.1 percent m-o-m drop in June (originally a 3.7 percent m-o-m decline).

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

According to the report, the value of residential permits increased 2.2 percent m-o-m in July, as permits for multi-family dwellings surged by 4.2 percent m-o-m, while single-family permits fell by 0.2 percent m-o-m.

At the same time, the value of non-residential building permits climbed by 4.3 percent m-o-m in July, due to gains in institutional (+7.6 percent m-o-m) and commercial (+6.7 percent m-o-m) permits, which however were partially offset by a decline in industrial permits (-6.9 percent m-o-m).

In y-o-y terms, building permits rose 0.7 percent in July.