Investing.com – Canadian housing starts fell more-than-expected in October, industry data showed on Monday.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts fell to 168,000 units in October, down from 185,000 units in September, whose figure was revised from 186,000 units.
Economists had expected housing starts to decline to 180,000 units in October.
Commenting on the report, chief economist at CMHC’s Market Analysis Centre Bob Dugan said, “Housing starts moved lower in October due to a decrease in urban single starts in all regions, with the exception of Atlantic Canada.”
He added, “The moderation in housing starts in October, from relatively high levels earlier in the year is consistent with CMHC’s forecast for 2010 of 184,900 units.”
Following the release of the data, the Canadian dollar was down against its U.S. counterpart, with USD/CAD gaining 0.35% to reach 1.0036.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts fell to 168,000 units in October, down from 185,000 units in September, whose figure was revised from 186,000 units.
Economists had expected housing starts to decline to 180,000 units in October.
Commenting on the report, chief economist at CMHC’s Market Analysis Centre Bob Dugan said, “Housing starts moved lower in October due to a decrease in urban single starts in all regions, with the exception of Atlantic Canada.”
He added, “The moderation in housing starts in October, from relatively high levels earlier in the year is consistent with CMHC’s forecast for 2010 of 184,900 units.”
Following the release of the data, the Canadian dollar was down against its U.S. counterpart, with USD/CAD gaining 0.35% to reach 1.0036.