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Housing Starts Unwind September Surge

CANADA DATA
  • Housing starts fall more than expected in October (267k vs 275k cons.) as they decline -10.6% M/M to fully unwind last month’s surprise strength.
  • Starts continue to hold up at a much stronger relative level than existing home sales compared to pre-pandemic levels, after sales fell 37% in the seven months to September before levelling off in yesterday’s data for October.
  • Market reaction limited with Canadian CPI and US retail sales hitting at 0830ET.


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