OTTAWA (Reuters) – Canadian housing starts rose 3% in October compared with the previous month as an increase in detached urban starts outweighed a small decrease in multiple urban starts, data from the national housing agency showed on Tuesday.
The seasonally adjusted annualized rate of housing starts rose to 214,875 units from a revised 208,715 units in September, the Canadian Mortgage and Housing Corporation (CMHC) said. Economists had expected starts to rise to 222,000.
Single-detached urban starts were up 14.3%, while multiple urban starts fell 0.2%.
(Reporting by Julie Gordon in Ottawa; Editing by Andrew Heavens)