December 10, 2018 / 1:46 PM / a month ago

Canadian housing starts see surprise gain in November: CMHC

FILE PHOTO: A sold sign is seen at an empty lot in a new sub division in Calgary, Alberta, April 7, 2015. REUTERS/Todd Korol

TORONTO (Reuters) - Canadian housing starts surprisingly rose in November as groundbreaking on multiple unit urban homes increased 3.9 percent, offsetting a drop in single-detached urban starts, data from the national housing agency showed on Monday.

The seasonally adjusted annualized rate of housing starts increased to 215,941 units from a revised 206,753 units in October, the Canadian Mortgage and Housing Corporation (CMHC) said. Economists had expected starts to fall to 198,000.

Reporting by Fergal Smith

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