Investing.com – Canadian housing starts fell less-than-expected in October, 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 208,000 units in October, beating expectations for a decline to 200,000 units.
September’s figure was revised up to 209,000 units from a previously reported 208,000.
Commenting on the report, deputy chief economist at CMHC’s Market Analysis Centre Mathieu Laberge said, “Housing starts posted a slight decline in October due to a decrease in single-detached starts in urban centers.”
“Urban multiple housing starts remained high in October, but overall housing starts are expected to moderate in line with demographic fundamentals,” he added.
Following the release of the data, the Canadian dollar held on to losses against its U.S. counterpart, with USD/CAD gaining 0.13% to trade at 1.0138.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts fell to 208,000 units in October, beating expectations for a decline to 200,000 units.
September’s figure was revised up to 209,000 units from a previously reported 208,000.
Commenting on the report, deputy chief economist at CMHC’s Market Analysis Centre Mathieu Laberge said, “Housing starts posted a slight decline in October due to a decrease in single-detached starts in urban centers.”
“Urban multiple housing starts remained high in October, but overall housing starts are expected to moderate in line with demographic fundamentals,” he added.
Following the release of the data, the Canadian dollar held on to losses against its U.S. counterpart, with USD/CAD gaining 0.13% to trade at 1.0138.