Investing.com – Canadian housing starts rose more-than-expected in September, official 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 206,000 units in September, above expectations for a gain of 187,000 units.
August’s figure was revised up to 192,000 units from a previously reported 185,000.
Commenting on the report, deputy chief economist at CMHC’s Market Analysis Centre Mathieu Laberge said, “Housing starts picked up in September due to an increase in multiple starts in the Atlantic region, Quebec and in British Columbia.”
“Multiple housing starts are expected to move back towards levels consistent with demographic fundamentals in the near term,” he added.
Following the release of the data, the Canadian dollar held on to losses against its U.S. counterpart, with USD/CAD gaining 0.21% to trade at 1.0282.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose to 206,000 units in September, above expectations for a gain of 187,000 units.
August’s figure was revised up to 192,000 units from a previously reported 185,000.
Commenting on the report, deputy chief economist at CMHC’s Market Analysis Centre Mathieu Laberge said, “Housing starts picked up in September due to an increase in multiple starts in the Atlantic region, Quebec and in British Columbia.”
“Multiple housing starts are expected to move back towards levels consistent with demographic fundamentals in the near term,” he added.
Following the release of the data, the Canadian dollar held on to losses against its U.S. counterpart, with USD/CAD gaining 0.21% to trade at 1.0282.