Investing.com - Canadian housing starts fell more-than-expected in January, official data showed on Monday.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts fell to 180,200 units last month from December’s total of 187,100 units. Analysts had expected Canadian housing starts to fall to 183,000 units in January.
Commenting on the report, Deputy Chief Economist at CMHC, Mathieu Laberge, said, “The trend in housing starts decreased slightly in January, while the inventory of newly completed and unabsorbed units saw a modest downward trend in the last half of 2013.”
Following the release of the data, the Canadian dollar was lower against its U.S. counterpart, with USD/CAD rising 0.14% to trade at 1.1048.