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The Canada Mortgage and Housing Corporation (CMHC) released its housing starts figures for Canada on Monday. Housing starts in Canada increased to a seasonally adjusted annualized rate of 183,604 units in October from 197,355 units in September. September's figure was revised up from 197,343 units. Analysts had expected an increase to 200,000 units.
The CMHC's Chief Economist Bob Dugan said that the decrease was driven by the decline of starts of multi-unit dwellings, including condominiums.
Multiple housing starts decreased to 98,673 units in October from 114,539 units in September.
Single-detached housing starts rose to 66,010 in October from 62,514 in September.
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