Investing.com – Canadian housing starts rose less-than-expected in January, industry data showed on Tuesday.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose to 170K units in January, compared to 168K units in December, whose figure was revised down from 172K.
Economists had expected housing starts to rise to 171K in January.
Commenting on the report, chief economist at CMHC’s Market Analysis Centre Bob Dugan said, “Housing starts moved slightly higher in January because of an increase in rural starts. However, single-detached and multiple starts showed a moderate decline.”
Following the release of the data, the Canadian dollar was up against its U.S. counterpart, with USD/CAD shedding 0.05% to hit 0.9903.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose to 170K units in January, compared to 168K units in December, whose figure was revised down from 172K.
Economists had expected housing starts to rise to 171K in January.
Commenting on the report, chief economist at CMHC’s Market Analysis Centre Bob Dugan said, “Housing starts moved slightly higher in January because of an increase in rural starts. However, single-detached and multiple starts showed a moderate decline.”
Following the release of the data, the Canadian dollar was up against its U.S. counterpart, with USD/CAD shedding 0.05% to hit 0.9903.