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Canadian housing starts fall-less-than-expected in July

Published 08/10/2010, 08:26 AM
USD/CAD
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Investing.com – Canadian housing starts fell-less-than-expected in July, industry data showed on Tuesday.

In a report, Canada Mortgage and Housing Corporation said the number of housing starts was a seasonally adjusted 189,000 in July, down from 193,000 in June, whose figure was revised up from 189,000.

Analysts had expected housing starts to decline to 186,000 in July.

The report said the seasonally adjusted annual rate of urban starts was up 1.9% in July, while urban multiple starts increased by 13.4% over the month. Single urban starts declined 11.3% in July.

Commenting on the report, Bob Duggan, chief economist at CMHC said “Housing starts moved lower in July, largely due to a decrease in urban single starts and a reduction in rural starts.”  He added “Multiple starts partially offset this moderation.”

Following the release of the data the Canadian dollar was down against its U.S. counterpart with USD/CAD gaining 1.08% to hit 1.0381.

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