Canadian housing starts unexpectedly surged in November to their highest level in almost 10 years, fueled by the construction of multifamily dwellings.
Housing starts climbed 13.2% to a seasonally adjusted rate of 252,184 units in November, up from a revised 222,695 units in the previous month, Canada Mortgage and Housing Corp. said Friday. This shattered market expectations, which were for starts to ease to 211,000, according to economists at Royal Bank of Canada.
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(END) Dow Jones Newswires
December 08, 2017 08:56 ET (13:56 GMT)