November 10, 2008 / 1:40 PM / in 9 years

Housing starts fall 3.1 percent in October

TORONTO (Reuters) - Housing starts in Canada fell 3.1 percent in October but was better than expected, as declines in construction activity were seen in both single-detached and multiple units, according to statistics from Canada Mortgage and Housing Corp on Monday.

Canadian housing starts fell in October to a seasonally adjusted rate of 211,800 units from an upwardly revised 218,600 units in September.

The number of starts in October beat the consensus expectations of analysts who had called for 200,000 starts.

Urban single home starts declined 1.1 percent to 69,300, while urban multiple starts fell 6 percent to an annual rate of 115,300 units.

Rural starts were estimated at a seasonally adjusted annual rate of 27,200 units in October.


* Canada Mortgage and Housing Corporation report


Reporting by Ka Yan Ng, Editing by Chizu Nomiyama

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