Investing.com – Canadian housing starts fell more-than-expected in November, official data showed on Thursday.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts fell to 181,000 units in November, disappointing expectations for a decline to 200,000 units.
October’s figure was revised up to 209,000 units from a previously reported 208,000.
Commenting on the report, deputy chief economist at CMHC’s Market Analysis Centre Mathieu Laberge said, “Housing starts declined in November, reaching a level which is more consistent with the rate of household formation.”
He added that, “The decrease in housing starts was due to a moderation in the multiples segment.”
Following the release of the data, the Canadian dollar held on to gains against its U.S. counterpart, with USD/CAD shedding 0.18% to trade at 1.0079.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts fell to 181,000 units in November, disappointing expectations for a decline to 200,000 units.
October’s figure was revised up to 209,000 units from a previously reported 208,000.
Commenting on the report, deputy chief economist at CMHC’s Market Analysis Centre Mathieu Laberge said, “Housing starts declined in November, reaching a level which is more consistent with the rate of household formation.”
He added that, “The decrease in housing starts was due to a moderation in the multiples segment.”
Following the release of the data, the Canadian dollar held on to gains against its U.S. counterpart, with USD/CAD shedding 0.18% to trade at 1.0079.