Investing.com - Canadian housing starts rose unexpectedly in March, improving for the second consecutive month, official data showed on Wednesday.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose to 216,000 units in March from an upwardly revised 205,000 units in February.
Analysts had expected Canadian housing starts to dip to 200,000 units in March.
Commenting on the report, deputy chief economist at CMHC’s Market Analysis Centre Mathieu Laberge said, “The upward movement in March was largely due to an increase in multiple starts, particularly in Ontario and the Prairies.”
“This was partly offset by a decrease in multiple starts in British Columbia and Quebec, while single-detached starts decreased marginally country-wide,” he added.
Following the release of the data, the Canadian dollar remained higher against its U.S. counterpart, with USD/CAD shedding 0.2% to trade at 1.0024.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose to 216,000 units in March from an upwardly revised 205,000 units in February.
Analysts had expected Canadian housing starts to dip to 200,000 units in March.
Commenting on the report, deputy chief economist at CMHC’s Market Analysis Centre Mathieu Laberge said, “The upward movement in March was largely due to an increase in multiple starts, particularly in Ontario and the Prairies.”
“This was partly offset by a decrease in multiple starts in British Columbia and Quebec, while single-detached starts decreased marginally country-wide,” he added.
Following the release of the data, the Canadian dollar remained higher against its U.S. counterpart, with USD/CAD shedding 0.2% to trade at 1.0024.