Canadian housing starts grew beyond forecasts

By IBTimes Staff Reporter | January 11 2010 8:24 AM

FXstreet.com (Barcelona) - The Canadian housing market posted better than expected numbers for the month of December with housing starts up 174,000, or 5.9%, on the year in December from 158,000 in November, according to the monthly report by the Canadian Mortgage and Housing Corporation.

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The market had expected a more modest growth of housing construction in the realm of 161,000 new units.

The improvement in housing starts was broad based in December [with] solid increases occurr[ing] in both single and multiple starts to end the year, said Bob Dugan, chief economist at the CMHC Market Analysis Center.

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