Official figures shared by Statistics Canada have revealed that for the month of October, the value of building permits across the country jumped much higher than expected, and leading the board were both single-family and non-residential units. The rise is being viewed as another strong sign of Canada's rapidly recovering economy.

On Monday, the figures confirmed that in October, permits were up by about 18% to $6.1 Billion, with values mainly increasing in 6 provinces, led by Alberta and Ontario. Most experts had pegged that the rise for the month would be a mere 1%.

"After four monthly consecutive declines, the value of institutional building permits increased 50.9 per cent to $904 million. The gain was largely attributable to educational institution projects in Alberta, Saskatchewan, Quebec and British Columbia. Ontario had an increase in the value of permits for medical buildings", shared the agency.

Permits hiked by 42.4% to $27 Billion for the non-residential section in October, and the rise has come after a 9.2% decline recorded for the previous month. Commercial permits, on the other hand, surged by 15.3% as compared to September, to $1.1 Billion.

In addition to being evident by the rise in value of building permits, the Canadian economy's rapid recovery has also been marked by a rise in house price, leading all experts to believe that the growth in future will be stronger.