Canada housing starts plunge in January

Fri Feb 8, 2013 8:24am EST
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TORONTO Feb 8 (Reuters) - Canadian housing starts plunged in January as both single and multiple starts fell, particularly in Ontario, Canada Mortgage and Housing Corp said on Friday in a report that showed the housing market was even weaker than expected.

The seasonally adjusted annualized rate of housing starts was 160,577 units in January, down from 197,118 in December. The December figure was revised down from the 197,976 units reported previously.

The number of starts in January was well below the forecasts of analysts in a Reuters poll, who had expected 195,000 starts.