The Canadian Housing numbers in August were revised upwards making the fall more steep, when in fact if no revision had taken place the housing starts would have only fallen by 1k.
Canadian housing starts fell to a seasonally adjusted 150,100 units in September from 157,300 in August, primarily because of a falloff in the condominium sector, Canada Mortgage and Housing Corp. said Thursday.
The drop in home-building activity ends four consecutive monthly gains.
“However, starts of single homes, which are a barometer of the trend in housing markets, climbed in September to reach their highest level so far this year,” CMHC economist Bob Dugan said in releasing the numbers.
For more Canadian Economic Indicators visit FXEconostats
