Canada housing starts rise more-than-expected in July

Forexpros – Canadian housing starts rose more-than-expected in July, 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 205,000 units in July, above expectations for a gain of 195,000 units.

The previous month’s figure was revised up to 201,000 units from a previously reported 197,000.

Commenting on the report, deputy chief economist at CMHC’s Market Analysis Centre Mathieu Laberge said, “Housing starts rose in July due to an increase in multiple starts in all regions except Quebec.”

“The multiples sector showed continued strength in Ontario and a significant increase in British Columbia and in the Atlantic region,” he added.

Following the release of the data, the Canadian dollar was up against its U.S. counterpart, with USD/CAD shedding 0.26% to trade at 0.9918.

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