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Canadian housing starts slide in May

FILE PHOTO: A sign advertises a house for sale on a residential street in midtown Toronto, Ontario, Canada, July 12, 2017. REUTERS/Chris Helgren/File Photo

Canadian housing starts surprisingly fell in May compared with the previous month as multi-unit urban starts declined, data from the national housing agency showed on Friday.

The seasonally adjusted annualized rate of housing starts fell to 195,613 units from a revised 216,775 units in April, the Canadian Mortgage and Housing Corporation (CMHC) said. Economists had expected starts to rise to 218,000 units.

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