Canadian Housing Starts Increase in October

OTTAWA (Reuters) – Canadian housing starts in October rose by 8% compared to the previous month, as groundbreaking increased on both multi-unit and single-family detached homes, according to data from the national housing agency released on Monday.

The seasonally adjusted annualized rate of housing starts increased to 240,761 units from a slightly revised 223,391 in September, stated the Canadian Mortgage and Housing Corporation.

Economists had anticipated an increase to 240,000 units in October.