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Canadian housing starts decline less-than-expected in June

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Investing.com - Canadian housing starts fell less-than-expected in June, official data showed on Tuesday.

In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts fell to 199,600 units in June from 204,600 units in May, whose figure was revised up from a previously reported 200,200 units.

Analysts had expected Canadian housing starts to fall to 187,000 units in June.

Commenting on the report, Deputy Chief Economist at CMHC, Mathieu Laberge, said, "the trend in national housing activity remains close to its historical average and is in-line with estimates of household formation."

Following the release of the data, the Canadian dollar edged higher against its U.S. counterpart, with USD/CAD dipping 0.11% to trade at 1.0547.

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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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