Investing.com - Canadian housing starts declined less-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 fell to 220,200 units in September from 225,300 units in August, whose figure was upwardly revised from a previously reported 224,900 units.
Analysts had expected Canadian housing starts to dip to 208,000 units in September.
Commenting on the report, deputy chief economist at CMHC’s Market Analysis Centre Mathieu Laberge said, “The monthly decrease posted in September was mostly due to a decrease in urban multiples starts.”
“Following a period of elevated housing starts activity due to strong volumes of multi-family unit pre-sales in 2010 and 2011, the pace of housing starts is expected to moderate,” he added.
Following the release of the data, the Canadian dollar held on to gains against its U.S. counterpart, with USD/CAD shedding 0.23% to trade at 0.9748.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts fell to 220,200 units in September from 225,300 units in August, whose figure was upwardly revised from a previously reported 224,900 units.
Analysts had expected Canadian housing starts to dip to 208,000 units in September.
Commenting on the report, deputy chief economist at CMHC’s Market Analysis Centre Mathieu Laberge said, “The monthly decrease posted in September was mostly due to a decrease in urban multiples starts.”
“Following a period of elevated housing starts activity due to strong volumes of multi-family unit pre-sales in 2010 and 2011, the pace of housing starts is expected to moderate,” he added.
Following the release of the data, the Canadian dollar held on to gains against its U.S. counterpart, with USD/CAD shedding 0.23% to trade at 0.9748.