Investing.com - Canadian housing starts rose more-than-expected in April, official data showed on Thursday.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose to 194,800 units last month from March’s total of 156,600 units.
Analysts had expected Canadian housing starts to increase to 175,000 units in April.
Commenting on the report, Deputy Chief Economist at CMHC, Mathieu Laberge, said, “This is in line with CMHC’s analysis indicating that the new home construction market in Canada is headed for a soft landing in 2014.”
Following the release of the data, the Canadian dollar was higher against its U.S. counterpart, with USD/CAD shedding 0.21% to trade at 1.0876.
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