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Investing.com - Canadian housing starts rose less-than-expected in November, official data showed on Monday.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose by 192,200 units in November, below expectations for a gain of 195,000.
Canadian housing starts rose by 198,200 in October, whose figure was revised down from a previously reported 198,300 units.
Commenting on the report, Deputy Chief Economist at CMHC, Mathieu Laberge, said, “Overall, housing starts have been following a trend similar to sales on the existing home market. As sales rise relative to listings of existing homes, buyers are increasingly meeting their needs in the new home market.”
Following the release of the data, the Canadian dollar was lower against its U.S. counterpart, with USD/CAD rising 0.3% to trade at 1.0666.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose by 192,200 units in November, below expectations for a gain of 195,000.
Canadian housing starts rose by 198,200 in October, whose figure was revised down from a previously reported 198,300 units.
Commenting on the report, Deputy Chief Economist at CMHC, Mathieu Laberge, said, “Overall, housing starts have been following a trend similar to sales on the existing home market. As sales rise relative to listings of existing homes, buyers are increasingly meeting their needs in the new home market.”
Following the release of the data, the Canadian dollar was lower against its U.S. counterpart, with USD/CAD rising 0.3% to trade at 1.0666.