Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More
Home » Forex and Currency News » Canada’s housing starts at 7-month high in May

Canada’s housing starts at 7-month high in May

Written by Miroslav Marinov
Miroslav Marinov
Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.
, | Updated:

Housing starts in Canada were reported to have increased 10% month-over-month to 264,506 units in May.

It has marked the highest number of housing starts since October 2023.

In comparison, market consensus had pointed to a level of 247,000 units.

The May seasonally adjusted annual rate (SAAR) of total urban housing starts rose 11% to 246,111 units, while the SAAR estimate of total rural housing starts stood at 18,395 units.

Multi-unit urban starts went up 13% to 203,141 units, while single-detached urban starts went up 2% to 42,970 units.

In May, housing starts increased the most in Quebec (67.4%) and in Ontario (17.7%), data by the Canada Mortgage and Housing Corporation showed.

Conversely, housing starts in British Columbia decreased the most, by 15.9%, the data showed.

The Canadian Dollar was last 0.21% weaker on the day against its US counterpart, with the USD/CAD currency pair trading at 1.3752.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • WTI Crude Climbs as Hormuz Strikes Raise Geopolitical RisksWTI Crude Climbs as Hormuz Strikes Raise Geopolitical Risks Key Moments WTI trades around $89.60 in Asian hours after rebounding from prior-session losses amid renewed Middle East tensions. The US conducts strikes on Iranian targets near the Strait of Hormuz following a base attack […]
  • Franc Weakens as Fed Outlook Offsets ZEW BeatFranc Weakens as Fed Outlook Offsets ZEW Beat Key Moments USD/CHF is trading just below 0.8200, hovering near a 13-month high and on pace for a 1.3% monthly gain. Switzerland's ZEW Economic Expectations Index climbed to 10 in July, its strongest level since November after […]
  • PBOC Lowers Daily Yuan Fix Against DollarPBOC Lowers Daily Yuan Fix Against Dollar Key Moments The People's Bank of China set the USD/CNY central parity rate at 6.7909 for Thursday's session. The new fixing marginally differed from the prior day's level of 6.7910. The official rate contrasted with a […]
  • USD/CAD on fresh highs after downbeat Canadian employment reportUSD/CAD on fresh highs after downbeat Canadian employment report US dollar rose to fresh session highs against its Canadian counterpart on Friday, as Canadian employers unexpectedly closed job positions in July, while unemployment rate rose.USD/CAD jumped to its highest point today at 1.0351 at 13:26 […]
  • Coca-Cola shares rebound on Tuesday, stock upgraded to “Overweight” at Morgan Stanley, price target also raisedCoca-Cola shares rebound on Tuesday, stock upgraded to “Overweight” at Morgan Stanley, price target also raised Shares of Coca-Cola Company (KO) rebounded on Tuesday, after Morgan Stanley revised up its rating on the stock from "Equal Weight" to "Overweight". The firm also raised its 12-month price target from $52 to $55 per share.The beverage […]
  • Oil drops as dollar gainsOil drops as dollar gains Oil fell during the late European and early American sessions as the dollar edged higher and the dollar index marked a fresh three-year high. The U.S. currency tends to trade inversely to raw materials. Strengthening of the greenback reduces […]