Housing starts down more than expected

Housing starts are down more than expected in October, according to the Canada Mortgage and Housing Corporation. The annualized rate of housing starts in October was down 9.2 per cent from September, falling from 185,000 to 167,900. All regions saw a drop-off in starts except Atlantic Canada, where starts were up 32.9 per cent. Ontario was worst hit with a 24.5 per cent drop. The Prairies also saw starts down significantly, with 16.9 per cent fewer in October.

Financial Post