Investing.com - Canadian housing starts rose unexpectedly in August, official data showed on Tuesday.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose to 224,900 units in August from 208,000 units in July.
Analysts had expected Canadian housing starts to dip to 200,000 units in August.
Commenting on the report, deputy chief economist at CMHC’s Market Analysis Centre Mathieu Laberge said, “The increase in housing starts in August was the result of a few, large, multi-unit projects in the Greater Toronto area.”
“Overall, moderation in housing starts activity is still expected for the remainder of 2012 and 2013,” he added.
Following the release of the data, the Canadian dollar held on to gains against its U.S. counterpart, with USD/CAD shedding 0.55% to trade at 0.9723.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose to 224,900 units in August from 208,000 units in July.
Analysts had expected Canadian housing starts to dip to 200,000 units in August.
Commenting on the report, deputy chief economist at CMHC’s Market Analysis Centre Mathieu Laberge said, “The increase in housing starts in August was the result of a few, large, multi-unit projects in the Greater Toronto area.”
“Overall, moderation in housing starts activity is still expected for the remainder of 2012 and 2013,” he added.
Following the release of the data, the Canadian dollar held on to gains against its U.S. counterpart, with USD/CAD shedding 0.55% to trade at 0.9723.