Canada housing starts surge unexpectedly in August – CMHC
(Reuters) – Canadian housing starts surged unexpectedly in August as a few large multi-unit projects in Toronto, pre-sold in late 2010 and early 2011, broke ground, data from the Canada Mortgage and Housing Corp showed on Tuesday.
The seasonally adjusted annualized rate of housing starts was 224,900 units in August, compared with 208,000 units in July. The July figure was revised down slightly from 208,500 units reported previously.
The number of starts in August was well above the forecasts of analysts in a Reuters poll, who had expected starts to slow to 200,000 starts.
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