Canadian housing starts pick up in May

Mon Jun 9, 2014 8:25am EDT
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TORONTO, June 9 (Reuters) - Canadian housing starts picked up more than expected in May and the number for April was revised higher, according to data released on Monday.

A report from the Canada Mortgage and Housing Corp showed the seasonally adjusted annualized rate of housing starts rose to 198,324 in May from an upwardly revised 196,687 units in April. That surpassed analysts' expectations for a May reading of 185,000. (Reporting by Jeffrey Hodgson, Editing by Franklin Paul)