Investing.com – Canadian housing starts rose unexpectedly in June, official data showed on Monday.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose to 197,000 units in June, confounding expectations for a decline to 182,000 units.
The previous month’s figure was revised up to 194,000 units from a previously reported 184,000.
Commenting on the report, chief economist at CMHC’s Market Analysis Centre Bob Dugan said, “Housing starts increased in June due to an increase in single and multiple starts in Ontario.”
“The revised numbers show that housing starts have been above their trend line since March,” he added.
Following the release of the data, the Canadian dollar was down against its U.S. counterpart, with USD/CAD gaining 0.63% to trade at 0.9685.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose to 197,000 units in June, confounding expectations for a decline to 182,000 units.
The previous month’s figure was revised up to 194,000 units from a previously reported 184,000.
Commenting on the report, chief economist at CMHC’s Market Analysis Centre Bob Dugan said, “Housing starts increased in June due to an increase in single and multiple starts in Ontario.”
“The revised numbers show that housing starts have been above their trend line since March,” he added.
Following the release of the data, the Canadian dollar was down against its U.S. counterpart, with USD/CAD gaining 0.63% to trade at 0.9685.