By Paul Vieira
OTTAWA--Canadian housing starts fell by a steeper-than-expected pace in June, due to sharply lower construction in the country's two costliest real-estate markets, Toronto and Vancouver, British Columbia.
Housing starts across Canada totaled 241,672 units in June, down 9% from 264,929 in May, Canada Mortgage and Housing Corp. said Tuesday. Market expectations were for starts on a seasonally adjusted, annualized basis to hit 251,000, according to economists at TD Securities.
The trend measure - a six-month moving average of the monthly seasonally adjusted annual rate of housing starts - fell 0.4% to 247,205 units.
Write to Paul Vieira at paul.vieira@wsj.com
(END) Dow Jones Newswires
07-16-24 0849ET