Statistics Canada announced on Monday that the value of building permits issued by the Canadian municipalities climbed 7.4 percent m-o-m in December, following a revised 3.5 percent m-o-m drop in November (originally a drop of 2.4 percent m-o-m).

Economists had forecast a 2.3 percent gain in December from the previous month.

According to the report, the value of residential permits surged 6.8 percent m-o-m in December, as permits for multi-family dwellings climbed by 15.9 percent m-o-m, while single-family permits fell by 3.2 percent m-o-m.

At the same time, the value of non-residential building permits jumped 8.3 percent m-o-m in December, as gains in commercial (+19.7 percent m-o-m) and institutional (+10.8 percent m-o-m) permits more than offset a drop in industrial permits (-21.0 percent m-o-m).

In y-o-y terms, building permits decreased 1.8 percent in December.

In 2019, permits were up 2.6 percent compared with 2018.