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Canadian housing starts decline less-than-expected in December

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Investing.com - Canadian housing starts declined less-than-expected in December, official data showed on Wednesday.

In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts fell to 198,000 units in December from 201,400 units in November, whose figure was revised up from a previously reported 196,100 units.

Analysts had expected Canadian housing starts to dip to 195,000 units in December.

Commenting on the report, deputy chief economist at CMHC's Market Analysis Centre Mathieu Laberge said, "The decrease recorded in December was due to a decline in rural starts, while urban starts remained stable."

Following the release of the data, the Canadian dollar was modestly lower against its U.S. counterpart, with USD/CAD adding 0.08% to trade at 0.9875.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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