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

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.

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