Canadian housing starts increase
The annual pace of housing starts in Canada picked up in June, according to Canada Mortgage and Housing Corporation (CMHC).
The seasonally adjusted annual rate of housing starts in June was 212,695 units, up from 194,955 units in May.
Most economists had expected that annual rate to come in at 200,000.
The overall increase came as the pace of urban starts increased by 9.6 per cent to 194,773 units. Multi-unit urban starts increased by 9.4 per cent to 127,944, while single-detached urban starts increased by 10.1 per cent to 66,829.
Rural starts were estimated at a seasonally adjusted annual rate of 17,922 units.
The six-month moving average of the monthly seasonally adjusted annual rates increased to 215,459 in compared with 214,570 in May.