Canada Housing Starts Drop 9% in June

By Paul Vieira

OTTAWA--Canadian housing starts fell by a steeper-than-expected pace in June, due to sharply lower construction in the country's two costliest real-estate markets, Toronto and Vancouver, British Columbia.

Housing starts across Canada totaled 241,672 units in June, down 9% from 264,929 in May, Canada Mortgage and Housing Corp. said Tuesday. Market expectations were for starts on a seasonally adjusted, annualized basis to hit 251,000, according to economists at TD Securities.

The trend measure - a six-month moving average of the monthly seasonally adjusted annual rate of housing starts - fell 0.4% to 247,205 units.

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(END) Dow Jones Newswires

07-16-24 0849ET