Reuters

June housing starts drop but top estimates

Wed Jul 9, 8:58 AM

TORONTO (Reuters) - Housing starts fell 4.3 percent in June to a seasonally adjusted annualized rate of 217,800 units from an upwardly revised 227,700 units in May, Canada Mortgage and Housing Corp. said on Wednesday.

The number of starts in June beat the median estimate of analysts, who had called for 217,000 starts.

Urban singles declined 7.8 percent to 74,600 units from 80,900, while urban multiples fell 3 percent to an annual rate of 114,700 units from 118,300 in May.

Rural starts in June were estimated at an annual rate of 28,500 units, unchanged from the prior month.

The Canadian dollar rose to C$1.0126 to the U.S. dollar, or 98.76 U.S. cents, from pre-data levels around C$1.0155 to the U.S. dollar, or 98.47 U.S. cents.

(Reporting by Frank Pingue; Editing by Frank McGurty)

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