Investing.com - Canadian housing starts fell more than expected in October to hit the lowest level in seven months, 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 183,600 units last month from September’s total of 197,400 units.
Analysts had expected Canadian housing starts to rise to 200,000 units in October.
“The decrease in the trend reflects a decline, in October, of starts of multi-unit dwellings, including condominiums,” said Bob Dugan, CMHC’s Chief Economist
USD/CAD was trading at 1.1313 following the release of the data from around 1.1312 before.