Canadian Housing Starts Increase in September

TORONTO (Reuters) – Canadian housing starts rose by 5% in September compared to the previous month, driven by an increase in groundbreaking for both multi-unit and single-family-detached urban homes, according to data released by the national housing agency on Wednesday.

The seasonally adjusted annualized rate of housing starts increased to 223,808 units, up from a revised 213,012 units in August, as reported by the Canadian Mortgage and Housing Corporation. Economists had predicted a rise to 237,500 units.